Bitcoin (BTC) returned to consolidating higher support on November 30 after the last BTC price recovery stalled at around $59,000.
1 hour candlestick chart BTC/USD (bit stamp). Source: TradingView
RSI “bullish engulfing”
Data from Cointelegraph Markets Pro and TradingView showed that the overnight bitcoin/dollar exchange rate returned to a local low of $55,920 on Bitstamp.
The pair then jumped again to $56,500 at the time of writing, and analysts maintained their confidence in the higher time frame.
Popular Twitter personality TechDev noted that Bitcoin’s Stochastic Relative Strength Index (Stoch RSI) has been “pushed” to levels reversing BTC/USD at $44,000 – before the launch that led to all-time highs.
He summarized with the 3-day chart “bullish engulfing imprinted at Stoch RSI crossover and RSI dropped to 44K levels”.
Bitcoin’s rally late Monday coincided with a boom in the macro markets and news that Twitter head Jack Dorsey has left the company to focus entirely on Bitcoin.
While $60,000 remained out of the bulls’ reach, there were signs of a noticeable change in sentiment all around.
“Bitcoin’s high time frame structure is bullish. Cycle awareness is key,” TechDev added in a separate post.
The Crypto Fear & Greed Index, which a few days ago was in the “extreme fear” area, appears to have entered the “neutral” area on Tuesday with a score of 40/100.
Coded Fear and Greed Index. Source: Alternative.me
Ethereum Avoids Hacking Against BTC
When it comes to ETH (ETH) versus Bitcoin, the picture is mixed.
On the topic: Where will Bitcoin expire in November 2021? 5 things to see in Bitcoin this week
As altcoins have shown generally flat performance over the past 24 hours, Crypto trader Ed highlighted a 4-hour rising wedge pattern for ETH/BTC. The weekly chart showed similar characteristics.
Rising wedge structures are often viewed as a potential bearish flag due to their tendency to collapse.
At the time of writing, ETH/USD is trading at $4,400, but it has gained 7.3% in the past week.