Those are three we're gon na go over and what we're gon na be doing here is looking on the one hour time frame, getting a nice move out of this symmetrical triangle: we're breaking to the upside and it's, coming on a little bit more volume here. So that's exactly what we want to see in terms of the volume breaking either to the upside guys or the downside, because you have to remember in symmetrical triangles they're more of a neutral pattern and they can break either way. So the fact that we are breaking up right now, that's a good thing, and what you can also see here on the one hour time frame – is that we potentially could get that gold across of that 50 moving average crossing over that 200 there, and that could Be enough to even push us up a little bit higher so right now we're up about 15! So what we have to realize guys whenever anything, moves around 15 20 or whatever you may have a little bit of a retracement or you may have some type of cool down and what I want to point out here on the one hour time frame. If we look at our indicators we're up around 83, so what I would expect is some type of cooling off and I'd want to see us try to hold support roughly around that 6100 range. If we can hold 6100 that's what we just previously broke up through, then we really could have a shot at running up hard to over 7000.
In my opinion, but what's going to need to happen guys is that continued volume we don't want to just see that spike and then, by the end of the day, all the sudden we're getting that massive sell off again. So I still think this is a time to be protective earlier. I jumped in a very quick position, guys wrote it up fast and got back out. It was just a quick little profit, but for me I was sitting in cash like I've told you I've been very protective in this space. I think being protective in the space is the way to go right now with all the uncertainty that we have around the world. Now, if we take a look at this here – and we really zoom in what I would look at next, if we do have some type of retracement or a pullback okay, we just made that really strong move. Sometimes, once you break out, you can actually come back back test what you broke out of and then continue moving again to the upside, so that's one option. Another option is that we just move sideways a little bit here and then we make our next move up or we could just have a slight retracement, but what I'm paying attention to is the volume so typically guys when you have a big burst to the upside? Like that on big volume, if you're gon na make the next move to the upside you'll, see the volume dying off as you slowly go down and then you'll get that next leg up and that's what I'm looking for next but, like I said I'm back in Cash I'm waiting, I'm being patient for the next opportunity, I've been playing bitcoin and litecoin on the 15 minute time frame so that's what I've been looking at now guys what I wanted to point out as well.
I want to go to the four hour time frame with you, but typically remember with symmetrical triangles. They can break either way. This was basically like a symmetrical triangle, or almost one of those bearish pennants as well, because we had that straight vertical drop and then we chopped back and forth and remember with bearish pennants. They typically break to the downside more often, but they still can break to the upside and that's. What we're, seeing right now in this bearish pennant, or this symmetrical triangle and we're, also having bail outs around the world as well right now and money being injected back, and it seems like a lot of times now. Bitcoin has been correlating with the stock market, so that's, something that you do want to pay attention to as well, but still even in the stock market, we're not getting as big a bounce as I would have expected for the money that potentially could be coming back Into the market so always pay attention to that type of stuff as well guys and if we bounce out to the four hour time frame now for Bitcoin. I want to point something else out to you, so we are now trading up above this 50 moving average on the four hour time frame, and I do think that's important. The next thing, I'm going to look for is to see if we can get this 20 to cross up through this 50. On the 4 hour time frame, you see how we had this 20 cross down through the 50 here and we've really got a big push to the downside.
If we can get that cross, we can have continued movement to the upside. Then we definitely could have a shot guys if coming back here around that 7500 or so because if we look and we start looking at these areas, we look at 6500 as potential overhead resistance and we look around that 6800 and then it would be up around That 7500, now, in my opinion, I wouldn't go faux mowing into a position right now. If we start looking, you know at the indicators and how overextended we are getting on some of these. You know we're up at 70, now again close or 67 getting close to that 70 on the four hour timeframe, so this is kind of one of those areas. If you missed that move in terms of it going up 15, I would be more cautious and wait for some type of you know, pullback or retracement, and then potentially look to see how the candlesticks are forming for another leg to the upside I'm. Not saying, though, guys this is cryptocurrency on the 4 hour time frame, we've seen the RSI get up into the 90s before so anything can happen, but I'm paying a lot of attention that 15 minute chart and that 1 hour time frame and what I like doing In this market now is getting in and out of this market and protecting my capital trying to make some capital and then get back out of the market that's.
What I'm doing right now – and I know some people – think I'm crazy for that they just say: Honolulu, say this, but guys that's, not how I do it. Like I've told you before. I have hotwing bags and I also have trading, and my trading is done so much better than my hotlink. So that's just me, but these are the things that I'm paying attention to. If we could get this cross here that maybe could be enough to start pushing us up into some of those higher areas. So I want to go back to the one hour time frame and next what I want to do is move into litecoin here. So we'll take a look at litecoin guys if you like me, covering Bitcoin, litecoin and Bitcoin cash like subscribe hit that notification bell. I appreciate you all being here with me today and I'm gon na continue to preach guys just being careful being cautious with that capital right now in this space, because, as we've seen just like moves like this, we can really blast off to the upside hard and Then you can have a massive dump after it, so you have to be protective and you have to be careful in this area now in terms of light coin that's, what we were looking at yesterday, we're talking about a potential bearish, pennant or symmetrical triangle that we Were looking at and I was waiting to see, which way we would break on heavier volume at right.
Now we are breaking to that upside and we are trying to get through, and at least close up above that '06 that's gon na be an area for us to where that's, when the feds were announcing rate cuts and we bounced up quick and then we dropped It so that's gon na be an area right here that we're gon na need to find support off of and then continuously try to make that next move up into potentially guys even up to around that 46 47 dollar range. If we're able to do it. But, like I said, it's just still the area to be careful because we don't know exactly what's gon na take place in these markets. There'S a lot of fake outs, there's, false breakouts, all types of stuff, so you've got to be very careful. But I do love that we are breaking out through that cement triangle and we potentially here have that gold across that 50. Over top of that 200 remember, this is all on the one hour timeframe, we're looking at this at a on a shorter timeframe. So always remember that, but as we look up here at our candles, you can see some profit taking. That was happening the last hour there we ended up getting all the way up to about 41 and we ended up closing at ' 15. So there is a lot of profit taking in this area and for this move to continue we're gon na need to see some more volume that's going to be important for us guys, but the main thing is to close up above that 30 we'll call it 38 84, today, that's gon na be important.
If not, I would look back down to see if we do come to these areas and back test this again. These trend lines that we broke out of and see if we could potentially get a bounce off that that's. What I'm, looking for now in terms of the four hour time frame let's, take a look here. We same deal with Bitcoin we're waiting to see if we can get that twenty cross up through that 50. That would be nice because that would give us some room to run back up here to around that 47 dollar range guys that's what we need and we are getting that increased volume. The RSI is at 65, so we just got to keep an eye on it, but it is still pointing up right now. So that is a good thing. We'Re gon na have to see if we can continue to get that buying pressure to move to the upside we're. At thirteen point: nine fourteen percent now we're at thirty nine. Seventy four! So we are getting a nice little move out of here, but we have to be patient and pay attention to the clothes today guys we still got a lot of time before the clothes we're just gon na have to see what happens. Okay, so still be cautious, but this is nice to see that we are getting some upside pressure and it's coming on some volume. So now we're, just gon na, have to see what today and tomorrow brings.
If tomorrow is gon na, be a big nasty sell off. Like we get a lot of times or if we're gon na continue, these moves to the upside – and this is something serious for so just be very careful that's. The main thing that I tell you and then let's go into Bitcoin cash here and with Bitcoin cash. I do believe it's up the most today it's, really making a nice strong move. You can see here on the for our time frame, we're starting to get that twenty cross up above that 50. So that's good there we're on heavier volume. Our RSI is at seventy right now, so we potentially could have some more area. You know to cool down once we do get up into these oversold territories there, so we might call them down a little bit guys, but the next target. I would look at here to the upside: is gon na be around 258 dollars? If we can make that and then to the downside, I would like to see us hold 199 dollars and 20 cents. I think that's gon na be important and then we'll dig into the one hour time frame here on the one hour time frame. That is a very large stick of volume here you can see up there. We'Ve had it back here before, though guys and that's what we have to be cautious of, because sometimes you can see that big heavy volume come in and then you can start moving back to the downside.
This was one trend line that I was looking at just recently. You can see we broke down through it, but we more so just move sideways. But I do love the fact that we're gaining back some moving averages here on the one hour time frame, we're up above the 20 we're up above the 50 and we're up above that 200. Now so those are gon na act as a little bit more support, and this is what we needed either a break to the upside or the downside, because we've been consolidating for so long and whenever you consolidate and you move sideways for that amount of time and The candles start to get extremely tight, then you're gon na have that breakout, and you know guys you can never be a hundred percent positive if it's gon na break to the upside or the downside. But you have to prepare for both, and this is the upside plan. Now the upside plan was try to get up above. You know around that 200, and we have definitely done that and it's come on more volume, so now we're just gon na see. If this can be a low volume, sell off and then the next pump up or if they're gon na have heavy volume, we're gon na start dropping back down because remember when you're in an uptrend those big impulse waves, you want to have heavy volume, and then You want light volume as it cools down and then heavier volume again, as it steps back up, tries to push it to the upside.
If we see extremely heavy volume selling off now at these areas, then that would show you that most likely we're going to continue to move back to the downside. We'D have to look at some of those areas like that 200 as support now on the one hour time frame. Here we are looking at 81 on our RSI, so we may have a quick cooling down and I think that's a good thing. Whenever you see something run almost 20 guys, you always have to realize that there's gon na be a cooling off period that takes place next, so that's, something that you definitely want to watch and then, in terms of Bitcoin cash out on the one day timeframe. We can take a look at this here. You can see we're coming up trying to get back to that 20 day, EMA, which would be important for us to start closing back up again up above again and that's gon na be around two hundred and forty seven dollars. I do believe it's hard to see up two hundred forty seven dollars and then we would have that 200 day, moving average that's really flat right now that we need to get back up above or at least test, and our RSI on the one day is at Forty one point: nine two right now so plenty of more room to run we're just gon na have to see if this continues to move to the upside guys that's.
The main thing that I'm looking at now, I just don't, want to be one of those Falls. Breaks to where we break out hard and then it's ripped right back out, so just be careful that's. The main thing that I'm telling you be careful, protect that capital get in and out of trades until we break that overall downtrend, because we have not broken out from that overall downtrend. Yet, okay, so just be careful guys, god bless each and every one of you like subscribe hit that notification bellow. If you get some from this appreciate you all being here with me today, take care.