This is just gon na, be a quick update, guys we're gon na be looking at the four hour time frame. I got to get back to work here, but I saw Bitcoin was starting to move that's. What we've been talking about? The candles were getting so tight, we're expecting some movement, but what we would need to see now is some follow through we're running into a key overhead resistance area here, on the four hour time frame, that's gon na be at 9600 dollars this red resistance line that We'Re at right now, you cannotice that a little bit of profit has been being taken right around this area. Now, if we could get up over this area, though, we would potentially have room to run up to nine thousand eight hundred and eighty before we hit that next resistance area, we have a little bit of a gap right here. We dropped really hard on this back side, and sometimes you can even make that up to the upside, but what we would need to do is get over. Ninety six hundred dollars then go up there and challenge that nine thousand eight hundred eighty then try to get over ten thousand psychologically, then, obviously, that ten thousand five hundred that is so overall important for us in the macro sense, because we're still having those lower highs In the macro sense, we need to break out of that to start setting higher highs and higher lows on the macro trend is what we're gon na be looking for.
Now, if we see rejection at ninety six hundred dollars here, what I would look down to for support is gon na be around 9200 9200 trendline, because guys what we're doing now is just still bouncing within this ascending triangle. If we zoom out here and remember this all in the four hour time frame what you can see, my main support is at eight thousand six hundred and seventy four but we're in this ascending triangle right here. So we are still having some higher lows coming in that's showing some buying there. What we need is more volume, in my opinion, we're a little bit above average right now, but we need more volume to start getting up over top of all these overhead resistances, because guys we could even get just back to the top of this ascending triangle and Then see even more rejection then start bouncing back and forth in here now. What what I want to tell you guys was, according to the Encyclopedia of chart patterns and all the books that I've studied ascending triangles. Seventy percent of the time are going to breakout to the upside about thirty percent of the time they're going to break to the downside. So we have to be aware that, right now the odds are out of an ascending triangle. You will have an upward break, but what we have to factor in here is all this overhead resistance it's hard to take a position in a chart pattern when you have very tough overhead resistance that we've hit quite a few times at that 10500 sitting right up.
Above so I wouldn't be shocked to go back up here and start testing some of these areas, because I would still have us bouncing in this ascending triangle, until we really make that decision, but it's nice to see that we have started trading back up above this 200 moving average on the 4 hour time frame you can see down in here we drop below it quite a few times twice about three times we tried to get back up over top of it again and now we finally are so it's gon na be important On this 4 hour time frame to hold that 200 moving average and start trading back up above that because guys we held it for quite a long time here until we really broke down, it was about April 5th, 2020, all the way till when we first had Our serious break here, I would say, was about June 11, 20, 20, so it's important. This is definitely a moving average that I want to pay attention to and then, if we bounce out to the one day time frame quick, I just want to point a few things out to you. What would be important I'm, a big proponent of watching the RSI the stock and correlating it with candlesticks that's? What I like to do so, what would be nice here on the one day, time frame if we can continue to get more volume if this could be a bullish engulfing candle of the previous day here, and this could be what gets us moving with a stock Cross on heavy volume and that basically could be our higher low and then we start trying to make that move to the upside, but it's still too early.
We need to wait for the daily candle closed today, but it would be nice to get back up above this 50 moving average on the one day, time frame, because there's been about three days now that we've been trading below it and you never want that. Acting as overhead resistance for you all the books that I read as well will tell you that when you're you know long in the market, you want to be up above that 50 moving average. You want to be up above that 200 moving average. Once you lose that that could be that confirmation that the move may be moving to the downside, but it's still too early to tell right now it's one of those things we have to see where this candle closes. If it ends up having just a monster. Wick up here, that's, going to show that this potentially was just a fake out. We couldn't get overtop of 9600 and all the sudden we're starting to fall to the downside again and that's. Why? I have my alert at 9000 7.00 right now and if we bounce out in the trading view just to give you a quick look at this, we did switch back to a bi technical analysis here, I'm, going to show you some indicators. So what we're running is 10 neutral, 16 by 2 cell right now in terms of the oscillators. That was the overall summary in terms of the oscillators. We have a 9 neutral 2 cell 0 by and what we have is momentum to sell MACD levels of cell.
All the rest is going to be neutral right now, where we're getting a lot of buy signals are the moving averages because we're trying to get back up above that more training up above them now so that's gon na help us out a little bit, but I Would always want to see volume accompanied by this is just tough with all this overhead resistance that we're dealing with now, especially at this 9600 we're, just gon na, have to see if that volume keeps swelling in. If people believe that this is a true move. That'S gon na be a big deal as well, and I also wanted to point out down here in an article you can go into it. Yourself is all on trading view type in Bitcoin, says: there's, a 10 million plus cell wall at 9400, preventing a Bitcoin rally, and you can go into all that I'm. Just throwing that out there in terms of whenever you see cell walls, take place like this 9600 or that 10000. Those areas where they're really stacked up that's gon na prevent you from continuously moving to the upside, because people are gon na, be either taking their profits or whatever in that range. So just be careful of that some. I want to point out to you right now, but it is nice to see bitcoins up. You know 3.3 percent right now, let's see if we can get one of those bullish, engulfing candles get back up above the 50 moving average and try to tackle the top of this ascending triangle see what happens guys.