Bitcoin retreats from its 1-week high, key long-term indicators echo $44,000

Bitcoin (Bitcoin) After the latest BTC price rebound on November 30 stopped at around $59,000, it regained higher support.

RSI sees “bullish engulfing”

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD fell back to a local low of $55,920 on Bitstamp overnight.

At the time of writing, the currency pair subsequently recovered to $56,500, and analysts remain confident in the strength of the higher time frame.

Popular Twitter celebrity TechDev pointed out that Bitcoin’s Stoch RSI (Stoch RSI) has “reset” to the level of $44,000 corresponding to BTC/USD—just before it went live, it finally reached an all-time high.

“The bullish engulfment is printed on the random RSI crossover and the RSI resets to the 44K level,” he Summarize Shown with the 3 day chart.

Bitcoin’s late strength on Monday coincided with the return of the macro market to normal and a message from Twitter CEO Jack Dorsey Exit the company Fully focus on Bitcoin activities.

Although $60,000 is still out of reach, there are signs that Mood shift Everywhere.

“Bitcoin’s high time frame structure is bullish. Cycle awareness is key,” TechDev Add to In a separate post.

this Crypto Fear and Greed Index, A few days ago in the field of “extreme fear”, on Tuesday it looks like it will enter the “neutral” zone with a score of 40/100.

Ethereum avoids a breakthrough to BTC

For ether (Ethereum) For Bitcoin, the situation is mixed.

related: Where will BTC end in November 2021?5 things to watch for Bitcoin this week

As altcoins have been roughly flat in the past 24 hours, trader Crypto Ed emphasized the rising wedge pattern of ETH/BTC in the 4-hour time frame. The weekly chart produces similar characteristics.

Ethereum
Still in that rising wedge and did not break imo.
The bullish sign is a break from the overnight RSI downtrend.

As the previous tweet said: it may break out, but as long as it does not break out, I am not optimistic. pic.twitter.com/Mcty5cTmYy

— Crypto_Ed_NL (@Crypto_Ed_NL) November 30, 2021

Rising wedge structures are often seen as potential bearish flags because they tend to break down.

At the time of writing, ETH/USD is trading at $4,400, but it has risen by 7.3% in the past week.