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A âbullish engulfingâ enters on multi-day charts as BTC price action manages to preserve some of Mondayâs gains.
Bitcoin (BTC) returned to cement higher support on Nov. 30 after the latest BTC price comeback halted near $59,000.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
RSI sees âbullish engulfingâ
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing to local lows of $55,920 on Bitstamp overnight.
The pair then recovered to circle $56,500 at the time of writing, with analysts keeping the faith on higher timeframe strength.
Popular Twitter personality TechDev noted that Bitcoinâs stochastic relative strength index (Stoch RSI) had âresetâ to levels that echo BTC/USD at $44,000 â just before the run that culminated in all-time highs.
âBullish engulfing printed on stoch RSI cross with RSI reset to 44K levels,â he summarized alongside the three-day chart.Â
Bitcoinâs late strength Monday coincided with a return to form for macro markets and news that Twitter CEO Jack Dorsey had quit the company to focus entirely on Bitcoin activities.
While $60,000 remained out of reach of bulls, signs of a marked shift in sentiment were everywhere.
âBitcoin high timeframe structure is bullish. Cycle awareness is key,â TechDev added in a separate post.
The Crypto Fear & Greed Index, days ago in âextreme fearâ territory, looked set to enter its âneutralâ zone with a score of 40/100 Tuesday.
Crypto Fear & Greed Index. Source: Alternative.me
Ether avoids breakout against BTC
For Ether (ETH) against Bitcoin, the picture was mixed.
Related:Â Where will BTC end November 2021? 5 things to watch in Bitcoin this week
As altcoins saw broadly flat performance over the past 24 hours, trader Crypto Ed highlighted a rising wedge pattern on the four-hour timeframes for ETH/BTC. The weekly chart produced similar characteristics.
ETHBTC
Still in that rising wedge and no break out imo.
Bullish sign is the break of that RSI down trend overnight.
As said in previous tweets: it may break out, but as long as it doesn't, I'm not bullish yet. pic.twitter.com/Mcty5cTmYyâ Crypto_Ed_NL (@Crypto_Ed_NL) November 30, 2021
Rising wedge structures are often seen as a potential bear flag due to their tendency to break to the downside.Â
ETH/USD traded at $4,400 at the time of writing, nonetheless up 7.3% over the past week.
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