Bitcoin falls off one-week highs, with a key long-term gauge reiterating $44,000
After the recent BTC price resurgence stalled at $59,000, Bitcoin (BTC) recovered to solidify higher support on Nov. 30. Overnight, Bitstamp data showed BTC/USD retracing to local lows of $55,920.
RSI sees “bullish engulfing”
After that, the pair returned to around $56,500 at the time of writing, with experts betting on higher timeframe strength.
Bitcoin’s stochastic relative strength index (Stoch RSI) had “reset” to levels that mirrored BTC/USD at $44,000 right before the run, which culminated in all-time highs, according to popular traders.
Popular Trader characterized the 3-day chart with, “Bullish engulfing printed on Stoch RSI cross with RSI reset to 44K levels.”
Bitcoin’s late surge in popularity Monday saw macro markets return to form, as well as the announcement that Twitter CEO Jack Dorsey has resigned to focus only on Bitcoin operations.
While $60,000 remained out of grasp for bulls, there were signals of a significant shift in the mood all over the place.
In a subsequent article, TechDev noted, “Bitcoin high timeframe structure is bullish. Cycle knowledge is crucial.”
With a score of 40/100 on Tuesday, the Crypto Dread & Greed Index, which had been in the “severe fear” region for days, appeared to be on the verge of entering “neutral” territory.
Ethereum avoids breakout against BTC
The picture was mixed when it came to Ether (ETH) and Bitcoin. Traders saw a rising wedge formation on the 4-hour timeframes for ETH/BTC while altcoins’ performance was essentially flat over the last 24 hours. Similar patterns emerged on the weekly chart.
Because of their proclivity to break to the downside, rising wedge patterns are sometimes seen as possible bear flags.
At the time of writing, ETH/USD was trading at $4,400, up 7.3 percent over the previous week.