Bitcoin (BTC) returned to consolidate higher support on Nov. 30 after the recent BTC price fell near $ 59,000.
RSI Shows “Uptrend Engulfing”
Data from Cointelegraph Markets Pro and TradingView show BTC / USD reversed to a domestic low of $ 55,920 on Bitstamp overnight.
The pair has since rebounded to $ 56,500 at press time, with analysts believing the higher timeframe strength.
Popular Twitter personality TechDev notes that Bitcoin’s Stochastic Relative Strength Index (Stoch RSI) was “reset” to BTC / USD parity at USD 44,000 – just before the run, making it its highest high ever .
grandfather summary along with a 3 day chart.
Bitcoin’s belated strength on Monday coincided with a return to macro-market formation and news that Twitter CEO Jack Dorsey has left the company to focus solely on Bitcoin businesses.
While $ 60,000 remains out of reach for the cops, there are signs of a marked shift in sentiment everywhere.
“Bitcoin’s high timeframe structure is bullish. Cycle awareness is key, ”TechDev Add in a separate post.
The Crypto Fear & Greed Index, just a few days ago in the area of “extreme fear”, appears to have entered the “neutral” zone on Tuesday with a score of 40/100.
Ethereum avoids breakout against BTC
For Ether (ETH) compared to Bitcoin, the picture was contradicting itself.
Related: Where will BTC end up in November 2021? 5 things to watch for Bitcoin this week
Since altcoins have seen flat performance in the past 24 hours, the trader Crypto Ed has marked a rising wedge pattern in the 4 hour timeframe for ETH / BTC. The weekly chart shows similar characteristics.
Still in that rising wedge and no outbreak imo.
The bullish sign is the collapse of this RSI downtrend overnight.
As I said in previous tweets, it could explode, but until it does I am still not optimistic. pic.twitter.com/Mcty5cTmYy
– Crypto_Ed_NL (@Crypto_Ed_NL) November 30, 2021
Rising wedge structures are often viewed as a potential bearish flag because of their bearish breakout trend.
ETH / USD is trading at $ 4,400 at press time, up 7.3% over the past week.