So what you're looking at now is the 4 hour time frame for light coin. There are a few things that I wanted to get into with you today, and mostly we're gon na be looking at support and resistance in the next potential bounce area for light coin. As things continue to cool down a little bit here, what we have to remember is, since the start of 2020, even a little bit before that we have been in a very strong uptrend we've been moving fast and a lot of times when you have these fast Explosive moves, you're gon na have these deeper Corrections and that's, just something that we have to deal with and we have to be patient about. But what I do like is that light coin is still in its nice uptrend. Some of the things that I don't, like necessarily, is that the volume is starting to tail off a little bit as the price was continuously rising. As you see here, the price was going up and the volume was actually dropping down, and one thing you always have to remember is that everything is based off Bitcoin. The light coin could have the perfect set up in the world, but if Bitcoin dumps, that just is what it is guys and you always have to keep your eye on Bitcoin and that's. Why I cover Bitcoin and then do your light coin or your XRP or your or whatever coin you're? In do your analysis on that coin, after you've checked out Bitcoin that's, one of the main things that I can tell you to really pay attention to.
So if you guys get something from this leg, subscribe hit that notification bell and we'll dig into this. So, as I've been looking at light point here on the four hour time frame, what we're, looking at I'm gon na get off the 20 ema20 here, as you can see it's in pink. So what we're looking for now is to see if we can find support off this area number one is the 50 moving average on the 4 hour time frame. So this is an area for the most part, as we've been in this uptrend we've had a few times where we've lost it, but for the most part, we've been getting bounces off at each time, we've gotten back to that area and also that's a previous area That we have broken through so that would also be a support area there at around 73 is what we will call it there. So this is a potential area. We can get a bounce now as I'm. Looking at this, though, in the volume starting to go down it's more probable, that we may even have a deeper retracement than where we're at right now could we bounce from we're at where we're at right? Now absolutely we could get a nice bounce off it, but with the volume tailing down and where bitcoins out right now there's a greater probability that we could come back and test this red trendline. That you see right here, which is going to be an important trend line for us that area and also this previous resistance area that we would want to become support.
So for me, it's around that 6378 we'll call it 64, so right in here, I'll even adjust. This just a hair right in there. This has been a spot where we had a lot of fight a lot of chop. It was a strong overhead resistance. Then we finally broke out through it on a strong bullish candle with heavy volume. So that was significant. So if 74 doesn't hold I'm gon na look down to that 64 range and that's the area right here where we should get a bounce, because that's gon na correlate with a support area that should be built a trendline for support and also this 200 moving average. On the 4 hour time frame, which will most likely at that time, be up here around that 64 to 66 dollars right in that range, even up to me, I may be about 66 67 dollars, so that's gon na be important, but that's. The thing you want to look for whenever the price is going up and the volume starting to drop off, that can be a telltale sign that maybe we need to charge back up. We need that retrace, because what you have to do is think of the market. Like a human being, human beings need to take a breath or a breather same with the market whenever they have explosive pumps to the upside you're. Gon na have that cooling off that breathing period. Where short term traders day traders they're gon na be taking their profit.
You'Re gon na have that sell off and then what you're gon na have is the people who are huddling in that instant that's what's still gon na keep the price propped up because you're still holding on to that you're, not a short term trader, pretend you're a Hot alert or you really holding these coins for the long term, you're looking for something one, two three dollars: five dollars somewhere in that I'm. Sorry guys, excuse me four litecoin, 75 80 up into that range that's. What you're? Looking for for litecoin that's? What you want to see continue to move to the upside there and that's that's what needs to play that's? What needs to play out? We need to hold these support areas if we start breaking down through some of these main support areas. At 74 64. The trend line or the 200 on the 4 hour, then things can start to get a little bit crazier guys, but this is where you would want to huddle, and you would want to be in your position until we start breaking down some of these key areas. Like this red trendline and this 200 moving average on the 4 hour time frame, so what I want to do next is jump out to the one day chart and if we're, looking at the one day chart here zoom this out here. So, on the one day chart, as you can see, it's going to show us a little bit more detail.
What I like is that we're up above the 50 and the 200 moving average right in this range, and it looks like there's a potential for a Golden Cross in the days to come. This 50 could cross over the 200 and that's. What may give us our next leg up if we do have a little bit of a retracement here so guys if we bounce, though from where we're at right now, I want to see us get over seventy nine dollars and seventy one cents is going to be The key and then up there we could go from around 80 cents up to 102 dollars extremely quickly, and the reason for that is due to how fast and aggressive we dropped on this backside, because we drop fast and aggressive on that backside. You can make it up on this side as well, and another thing you want. I wanted to point out to you so when we had this death cross this 50 that crossed down through our 200. I want to grab this for us and if we pull it down to the low that we had, we dropped over 57 percent once we had that cross. So what I wanted to do here say are we get our cross and it's up in this area here? Just to take you up around that 57 set 57 percent, or so that would take us up to our target, pretty close to that hundred dollar range that psychological hundred dollars hundred dollars to 102 somewhere in that range, but it's a potential that we could get this Cross and that's what's gon na be the next catalyst that really sends us to the upside and we get that next explosive move so that's.
What I'm looking at there and in terms of the indicator so on the one day chart for the RSI we're at 69. So we're right under that overbought territory of 70. So this is another reason why we may have to cool down a little bit before we make the next move to the upside. So I want to show you the RSI, then we'll also take a look at the stock RSI stock. Our say we have had our downward crossed and also comes right up there, where we had a doji and a bearish engulfing candle, so that's, something that we need to pay attention to. We definitely could have that further downside retracement before we power back up guys so that's. What I wanted to bring to you today is just be cautious, be careful if you see a little bit more of a retrace in another 5 or something it's just naturals. Just the market breathing, those are the key areas that I'm watching right in this range around that 64. We definitely do not want to lose the 200 moving average on the one day chart and that's at 60 58 cents. For me, that's, like the the main area to watch, because the bulls have been trading up above this now for almost two weeks and they showed the strength to get up above and if we start dropping back below it. That'S gon na show that basically, all the bulls have sold out the Bears are gon na jump into positions, and things could get very ugly, very fast, so that's what I'm paying attention to guys really, this 75 does 64 right in that range.
I want to see what we do see if we get a little more retracement before we get that next pump up, but we are in an uptrend, and this trend should continue in the longer term here.