Metric analysis

Bitcoin Cools From Weekly Highs With Key Long-Term Metric Echoing $ 44,000

Bitcoin (BTC) returned to higher support on November 30 after the latest BTC price comeback stopped at nearly $ 59,000.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingView

RSI sees ‘bullish engulf’

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD to reverse at local lows of $ 55,920 on Bitstamp overnight.

The pair then recovered to $ 56,500 at the time of writing, with analysts remaining confident in a higher time force.

Popular Twitter personality TechDev noted that Bitcoin’s Stochastic Relative Strength Index (Stoch RSI) had ‘reset’ to levels that echoed BTC / USD at $ 44,000 – just before the run that peaked with historic highs.

“Bullish engulf imprinted on stoch RSI cross with RSI reset to 44K levels,” he said abstract next to the three-day chart.

Bitcoin’s late strength on Monday coincided with a return to form for macro markets and news that Twitter CEO Jack Dorsey had leave the company focus entirely on Bitcoin activities.

While $ 60,000 remained out of the bulls’ reach, signs of a marked change in sentiment were everywhere.

“Bitcoin’s high period structure is bullish. Knowledge of the cycle is the key ”, TechDev added in a separate station.

the Crypto fear and greed index, a few days ago in “extreme fear” territory, seemed ready to enter its “neutral” zone with a score of 40/100 on Tuesday.

Crypto fear and greed index. Source: Alternative.me

Ether avoids breakthrough against BTC

For Ether (ETH) versus Bitcoin, the picture was mixed.

Related: Where Will BTC End In November 2021? 5 things to watch in Bitcoin this week

While altcoins have seen broadly stable performance over the past 24 hours, Crypto trader Ed has highlighted an uptrend on the four hour time frames for ETH / BTC. The weekly chart produced similar characteristics.

Ascending wedge structures are often considered a potential bear flag because of their tendency to break downward.

ETH / USD was trading at $ 4,400 at the time of writing, nonetheless up 7.3% in the past week.

1 hour ETH / USD candle chart (Bitstamp). Source: TradingView