Bitcoin cools from 1-week highs with key long-term metric echoing $44K


Bitcoin (BTC) returned to consolidate higher support on November 30 after the recent recovery in BTC price stalled at $ 59,000.

1-hour BTC / USD candlestick chart (bit print). Source: TradingView
RSI ser “bullish breakout”
Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD rate overnight on Bitstamp returned to a local low of $ 55,920.

The pair has since managed to circle around $ 56,500 at time of writing, and analysts continue to believe in the power of the higher time frame.

Popular Twitter personality TechDev noted that the Bitcoins Stoch RSI (Stoch RSI) has been “pushed” to levels reflecting $ 44,000 BTC / USD – ahead of a race that ever peaked.

He summarized, along with the 3-day chart, “bullish engulfing, printed at the flat RSI crossover with the RSI dropped to 44,000 levels.”

Bitcoin’s late rally on Monday coincided with a return to the macro paradigm and news that Twitter boss Jack Dorsey has left the company to focus entirely on Bitcoin.

While the $ 60,000 remained out of reach for the bulls, signs of a noticeable shift in sentiment were everywhere.

“The structure of bitcoins on high time frames is optimistic. Cycle awareness is key, ”added TechDev in a separate post.

The Crypto Fear & Greed Index, which was in the “extreme fear” zone a few days ago, appeared to enter the “neutral” zone with a 40/100 score on Tuesday.

An index of fear and greed in cryptography. Source:
Ether avoids Bitcoin hacking
When it comes to ETH (ETH) versus Bitcoin, the picture was mixed.

Related Topics: Where Will Bitcoin End in November 2021? 5 Things to See in Bitcoin This Week

Since altcoins have shown a stable trend over the past 24 hours, crypto trader Ed has highlighted a rising wedge pattern in a four-hour timeframe 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 to the bottom.

At the time of writing, ETH / USD is trading at $ 4,400, but it is up 7.3% over the past week.



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