4 percent. What I want to do is just jump on here. Give you a little bullet point video on Bitcoin, because I had a buddy of mine. He was just writing to me and he was talking about on the four hour timeframe. Is there a potential cup and handle for Bitcoin and what you're seeing here we're on the four hour time frame, you can see how we have this cup, then you see how we have this potential handle now. What you want to look for guys is for us to actually break up above this neckline here, which I would call about. Ten thousand forty nine dollars would be the area that I'd be looking at that previous top, that previous overhead resistance, if we can get up above that, then we'd have to go up and challenge that ten thousand five hundred the only thing here, typically as I'm. Looking at the encyclopedia of chart patterns here, what you want to look for when it says cup duration, he talks about. I used a strict interpretation, the O'Neil's cup duration, he removed short cups, fewer than seven weeks and overly long ones. Over than 65 older than 65 weeks, so when you're looking at a true cup and handle, they will typically be over seven weeks long, and this is just a little short one here in a few days on a lower timeframe, so that's something that you do have To be aware of it's, not one of those longer cup and handles that's, been established on the one day, time frame or the one week time frame where you could have a 30 percent run, እሺ, but what we need to be aware of as well when you're.
Looking at chart patterns like this it's tough to get jump into a chart pattern right now when we have not broken up through that 10000 and then when we also have stiff overhead resistance. So far at that 10500, when you're looking at the cup and handle – and you have a breakout through that neckline – you want to have a nice area to run. You know for Bitcoin. What I would like to see is us, you know, have a gap open to about an eleven thousand twelve thousand dollars, then that would give it a little bit more room to run. But right now we have to be cautious because we have that overhead resistance right up there at ten thousand five hundred dollars. That'S gon na be very important for us, but you know guys we could. This is cryptocurrency, and you know how fast things move just like it moves like that. We could get a nice shot out of here and we could blow past that ten thousand five hundred then what I would want to see is for us to consolidate upon that and turn that into support. I think that's going to be very important for us now. If we drop down into the one hour time frame, so we can get a little better look at this, so what you're, seeing right here and why this is tough, so we have this top here. We have this previous top, which we're fighting with right now.
So you can see those were areas where we had rejection. We had longer a longer wick up here. That was pretty heavy rejection as well. The last time we tried to go up to get over top of that 10000 that's, something that we do have to be aware of right now. If we turn on our RSI on the one hour time frame, we're looking at it up around 73 and that's, also coordinating with these overhead resistances here so that's. Why I'm saying it'd be tough for us to get over top of that without even potentially cooling back down again, but we're gon na have to wait and see so that's on the one hour time frame. These are the overhead resistance areas that we're gon na need to get up above on continued heavy volume and then, if we bounced out to the one day time frame quick. I just wanted to point this out to you. Take a look and why this is, I mean guys, basically we're almost in like an equilibrium pattern. Fight in between we'll call it about 8500 in that 10000, where we're just bouncing around to that you know on the one day, time frame, we're looking a little better we're up above our 20 EMA were up above our 200 still we're up above our 50, and We may get that Golden Cross there, but, like we talked about with this being just horizontal, it wouldn't be as meaningful as if it was really trending up or if it was trending down.
When one of these things takes place because moving averages, when they just move sideways, then they're a little bit irrelevant because they're for trend capturing hurt ranch acing. So what we need to do today is to close up above 9800 and then eventually get up to around that 10000 time frame or 10000 price range. Excuse me, RSI right now is at 63 and we're. Just gon na go through a few indicators. Take a look at this, so that's 63 we're gon na go to our stock RSI stock, our size at 27 ና 30. Then we'll take a look at our MACD MACD here, just been a little bit more neutral as well kind of kissing back and forth. Look like we're gon na cross up, we came back down, looks like we may get another cross here, but we're just gon na have to wait and see. But you know this why I was just saying this is a sticky area. If we go back to the four hour time frame here, just due to the stiff overhead resistance, but it is nice to see that as we came up and we were trying to challenge this area, it was coming on above average volume, so that's what you would Want but it's just tough to go long at the area right now, with the amount of overhead resistance. You know if you're already in a position. This is where you'd want to stay in that position.
Right now, trend obviously, is still up. If you take a look at trading view for Bitcoin, but it's, just tough to just jump right in right now, you can see right here on the one day time frame, we have a 1 cell, 9 neutral 18 by so that's. Looking good moving averages like we talked about rough above all of them zero cell one neutral 16 by then our oscillators we're, looking at one cell a neutral 2 by and then you can just go through. You know the week the month, all that and take a look at it, so this is just where guys I mean these are the areas that we need to get up above here and if we can finally start getting up above those areas, then that's really gon Na give us a nice shot, because if we get up above that, 10500 I'll show you the gap that we'd be looking at here and that's. What I would be more interested in so we get over top of this, we potentially could have a nice shot up to around. We just call it about 12000, so that's, why it's so important right now? Okay, so macro sense. We still have the lower highs coming in and then in the intermediate term. We still have our higher lows coming in so that's. Why we're just kind of waiting at this time and we're just gon na, have to wait and see if we get up above that 10000 turn into support guys that's what I'm looking for mostly so I didn't want to make this too long.
A video just want to give you a quick one here. We'Ll take one more look here on the four hour time frame. This, like a bullish belt, hold line candle on the four hours, so that is a nice strong candle we're that close we're gon na have to see. If we get continued continuation to the upside here, if it's just gon na start dropping back down, then we look to find support. I'D, say at about 9500 would be the area that I'd be looking at. So let me know down low guys like subscribe hit that notification bell. If you get something from this, also just give a thumbs up or eight a letter or anything down, there really helps with the algorithm. I just wanted to address this and just show you know this is taking place.