The price of Bitcoin (BTC) again cemented higher support on November 30 after its latest comeback hit near $ 59,000.
RSI sees “bullish engulfing”
Data from Cointelegraph Markets Pro and TradingView showed that The BTC / USD pair returned to local lows of $ 55,920 on Bitstamp overnight.
The pair then rallied to around $ 56,500 at the time of writing this article. Analysts keep faith in the strength of the upper time frame.
Popular Twitter personality TechDev noted that Bitcoin’s Stochastic Relative Strength Index (Stoch RSI) had “reset” to levels echoing when the BTC / USD pair hit $ 44,000, just before the run that culminated in all-time highs.
“Bullish engulfing is printed on stoch RSI crossover with RSI reset to $ 44,000 levels”, summarized next to a 3-day chart.
Bitcoin’s late strength on Monday coincided with a return to form for macro markets and the news that Twitter CEO Jack Dorsey had left the company. to fully focus on Bitcoin activities.
While $ 60,000 remained out of reach of the bullish momentum, the signs of a change in sentiment were everywhere.
“Bitcoin’s high time frame structure is bullish. Cycle awareness is key,” added TechDev in a separate post.
The Cryptocurrency Fear and Greed Index, that days ago he was in territory of “extreme fear”, It looked like he was going to enter his “neutral” zone with a score of 40/100 on Tuesday.
Ethereum prevents breakout against BTC
For Ether (ETH) versus Bitcoin, the outlook was mixed.
While altcoins saw broadly flat performance over the past 24 hours, the trader Crypto Ed highlighted a rising wedge pattern on the 4-hour time frames for the ETH / BTC pair. The weekly chart produced similar characteristics.
ETHBTC
Still in that rising wedge and no break out imo.
Bullish sign is the break of that RSI down trend overnight.As said in previous tweets: it may break out, but as long as it doesn’t, I’m not bullish yet. pic.twitter.com/Mcty5cTmYy
– Crypto_Ed_NL (@Crypto_Ed_NL) November 30, 2021
ETHBTC
Keep on that rising wedge and there is no breakout. A bullish signal is the breakout of that downtrend on the RSI overnight. Like I said in previous tweets: You can break to the upside, but as long as you don’t, I’m not bullish yet.
Rising wedge structures are often seen as a potential bearish flag due to their tendency to break down.
The ETH / USD pair was trading at $ 4,400 At the time of writing, however, it is up 7.3% over the last week.
Keep reading:
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