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

Bitcoin (BTC) re-consolidated higher support on November 30 after BTC's latest price comeback stopped near $ 59,000.

RSI sees "bullish engulfing"

Data of Cointelegraph Markets Pro and TradingView showed that BTC / USD reversed to local lows of $ 55,920 on Bitstamp overnight.

The pair then rallied to around $ 56,500 at time of writing, with analysts keeping faith in further strength over the time frame.

Popular Twitter personality TechDev noted that Bitcoin's Stochastic Relative Strength Index (Stoch RSI) had "reset" to levels echoing BTC / USD at $ 44,000, just before the run, which culminated in all-time highs.

"Bullish envelope printed on RSI Stoch cross with RSI reset to 44K levels," said summarized along with the 3-day chart.

Bitcoin's late strength on Monday coincided with a return to form for macro markets and the news from Twitter CEO Jack Dorsey. leave the company to fully focus on Bitcoin activities.

While $ 60,000 remained out of reach for the bulls, signs of a marked change of feeling they were everywhere.

"Bitcoin's high schedule structure is bullish. Cycle awareness is key," TechDev additional in a separate post.

the Crypto Fear & Greed Index, days ago in "extreme fear" territory, he seemed willing to enter his "neutral" zone with a score of 40/100 on Tuesday.

Ethereum prevents breakout against BTC

For ether (ETH) against Bitcoin, the picture was mixed.

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

As altcoins have seen practically flat performance in the last 24 hours, the Crypto Ed trader highlighted a rising wedge pattern on the 4-hour timeframes for ETH / BTC. The weekly chart produced similar characteristics.

ETHBTC
Still in that rising wedge and no break in my opinion.
The bullish signal is the breakout of that downtrend on the RSI overnight.

As stated in previous tweets: it may blow up, but as long as it doesn't, I'm still not optimistic. pic.twitter.com/Mcty5cTmYy

- Crypto_Ed_NL (@Crypto_Ed_NL) November 30, 2021

Rising wedge structures are often considered a possible bearish flag due to their tendency to break down.

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