5 1. What I wanted to bring to you today was the price action which we're gon na be looking at, and I also wanted to point out an article that I was reading and I want to start with the article – and this says Bitcoin has only been above 10000 For a hundred and seventy days of its history – and this is being crypto calm and this is by Anton Lucien. I hope I got that right, but basically what he's talking about in this article is the fact that we have only traded up above 10000 for a hundred and seventy days out of the ten year lifespan of Bitcoin. So when I talk about it's important that we break up through ten thousand dollars and hold that as support, this is one of the reasons why I'm talking about that, because it's so significant that we stay up above that and find support on it. Not just like. Yesterday, how we broke up through ten thousand dollars almost made ten thousand three hundred and then we're starting to sell off again today. So we really need to stay up above that find support on that, so that we can continue in this bull market. That we're in at least in the short term we're in the short term, bull mark we're, trying to move it into an intermediate term and then, hopefully into that longer term. But in my opinion the first step would be finding support off 10000 and not dropping back below it, and this says here as we continue to go on it says: Bitcoin has been above ten thousand dollars before, but not for very long.
In fact, the leading cryptocurrency has only been above ten thousand dollars for less less than half a year in its entire 10 year history. Every time Bitcoin rises above ten thousand dollars. It feels like we're in the waiting room. Will this be the moment it breaks? Above its all time, highs. Analysts are positive, but we should also be mindful of the fact that Bitcoin has only been above 10000 for a tiny fraction of its history. 10000 is definitely a milestone, despite being a long way away from bitcoins all time high of twenty thousand dollars. The leading cryptocurrency has only been above this price point for 170 days since 2019. So I know everybody wants to get to those all the time highs and say all we're at 20000 again or what not but it's exponentially important that we find support off 10000 dollars and continue to make strong moves, higher highs and higher lows off that and not Drop back below it so as we get into Bitcoin today, what you can see is yesterday we closed a very strong candle here: there's, really nice cannibal. What we're having today is a sell off. If we were to close like this guys, we still have almost 12 hours until the close I'm doing this very early, this at 726 a.m. Eastern Time, it's February 10th, 2020. But if we were to close like we are right here, this would actually be a bearish engulfing candle that we would be dealing with we're gon na have to wait for the clothes today.
But for me what I need to see Bitcoin continue to do since we put in this inverted head and shoulders, and this head was a beautiful bullish, engulfing candle on heavier volume. We need a volume swell. We need increased volume, as this trend is going up. I'M. Not extremely happy with where the volumes at, because you never want to see price going up and volume actually dropping a little bit. That can be an indication that you may start having a sell off. But what I do like about Bitcoin we broke through this area that I was looking at for a long time here, and this was at nine thousand five hundred and eighty one and so far we have found support off that. So I don't want to drop below that, and I also don't want to drop below this teal trendline. This teal trendline I've, drawn this now it's been on my chart for about two weeks or so and that's what I'm paying a lot of attention to. I drew it on the four hour time frame, but we're looking at this on the 1 day right now, I want to see us continue to climb up that trendline and the reason why I say that is because it's not too steep of a trendline. If we get out our trendline angle here and we go from the bottom up to the top you're looking at about thirty six degrees there so that's no problem – this is a healthy trend to the upside and, as you can see, we've been putting in higher low.
So here's a higher low here's, a higher low higher low. This potentially could be a higher low before we make that next higher high and that's. What we need to continue to do but I'm in a Bitcoin position right now and I'm gon na continue to stay in a Bitcoin position. Until I start seeing, trendline breaks down through this trendline right here and cama closes below it and we start losing these moving averages, cuz right now, we're up above our 20 or 40 our 50, and I also want to turn on our 200 for us here. So, with this 200, we don't want to drop back below that as well, because the Bulls fought to get back up above that we made a higher low up above it, and we continue to push on. So if we end up losing that, that could be a terrible sign for us that the Bulls were not actually stepping in, and this was not a sustained run and we're gon na have power back up and try to change the trend again but that's. What I like to look at are these moving averages. The trend is still up we're still in our uptrend we're up above the 200 were up above the 50. We have a potential Golden Cross over 50 up above our 200 that could be coming in the weeks to come here and we're up above that 9500. 81. So so far, things are looking pretty good we're just gon na see if today or today, tomorrow, the next day is gon na, be just one of these sell offs here where we come back challenge this trendline just like over here after we made a strong push, We had that sell off for about five days and then we made another push over here.
You can see we have that sell off for about seven days after we made a nice strong push. So we may just be at that point where we need to cool off the RSI so that we can make that next move to the upside and the next target that I would look at. If we do make a move to the upside. I would look up to around roughly we'll call it ten thousand five hundred seventy three obviously we're gon na have 10000 psychologically like we just talked about. We need to get up through that and find support off that. So I want to see what we do with this candle today, if it's gon na be a nasty bearish engulfing candle or if it's, actually gon na get bought up throughout the day. It'S gon na be interesting to see, but you can see how the trend has changed and now we're getting crosses we're having a Golden Cross, take place of our 20ma over top of our 200, potentially our 40 over top of our 200 and then our 50. Over top of that 200, traditionally, when you read about golden crosses you'll, hear the 50 crossing up through that 200 or death cross the 50 crossing down through, but the more studying that I've done, it can be any short term moving average moving over a longer term. Moving average and that's actually what you're having take place here are these golden crosses over top of that 200.
So right now, I do believe that today is just gon na be a cool off day. Maybe tomorrow, a couple more days, we're gon na have that retracement. Before we potentially make that next move to the upside, but it's gon na need to come on volume and we're gon na need to be able to hold these moving averages and, as I was reading last night, I was reading in my book. It'S called technical analysis. Getting started technical analysis and it was talking all about staying up above the 20 EMA, if you're a shorter term trader. So if you're, a short term trader or swing trader, you're holding these positions, you know for a week or whatnot. You want to stay up above that 20, which we're up above right now, and you want to contain to find support off that it's. A very strong trend, the next one I would look at is this 50, which is gon na, be very important for us. As you can see when we broke through the 50 right down in here, this was on January 6th 2020 that kicked everything off. So when, once our candle closed happen, it was at seven thousand seven hundred eighty nine dollars and we've went all the way up to ten thousand two hundred we'll call it ten thousand three hundred dollars. So, in my opinion, it's significant whenever you close up above that 50 day moving average or you close below it, because a lot of times when you lose that 50 day moving average and you start closing below it it's hard to get back up above it.
And then you can start struggling with some different things in terms of trying to get up above it because it will act as resistance for you now. What I want to do next was go into the four hour time frame, so we get a little bit better picture and we're still gon na be looking at the trendline and we're. Also gon na be looking at these moving averages guys if you get some from this, you like me, covering bitcoin like subscribe, hit that notification bellow also tell me down below what you're doing. Are you in a position right now, I'm? Still in a position, I'm riding my position, I'm sitting there I have a break even stop. I want to know what you guys are doing. Are you selling out at this point? Do you believe we're gon na have a super deep retracement, or do you believe this uptrend is gon na continue to the upside and just keep moving, and this is just a normal reaction or retracement. So if we go into our four hour time frame here, you can see it's been steady guys. Each time we make a nice strong move to the upside here, we're always going to have that retracement strong move here's our retracement. Sometimes it can really take some time to retrace, but you can see how this uptrend has been respected and in terms of the uptrend on the four hour here, removing averages I want to see us continue to work, this 50 moving average and what I'm gon na Do is turn off our 20 EMA we're gon na turn off our 40.
Just so you can see this a little better. So you can see the trend is still up. We had our golden cross back in here, and that was on January 3rd and ever since then we've been moving up. We have not had that downward cross to where we're losing our trendline we're breaking down through it, as well as this 50 moving average on the 4 hour. So if we started having cable closes below all this, then I would look for that 200 moving average on the 4 hour for us to find support, and that would be around 8000 890. I would not want to drop below that because we have been trading up above that now since the beginning of January. So, whenever you've been in an uptrend like this for over four weeks, you anticipate that it will continue to the upside, because a lot of trends will want to continue. Once they've went on for four weeks and that's what you'll see what down trends you'll see it with up trends, sometimes even sideways. You can spend a month or more sideways, just like over. In here yeah we had some sharp drops down sharp bumps up, but overall we were really just moving sideways. This was that accumulation area where people were buying that inverted head and shoulders, and then we made that nice strong move to the upside, but the only thing that's really lacking for me guys is the volume I want to see some stronger volume and also just really Watch for those fake pumps, pumps and dumps in this space guys, as you can see over here, we were down around 72 hundred dollars and we went all the way up to about ten thousand five hundred and eighty five in the matter of two days.
Three days and then what happened was we actually lost it all? So we started down here at 7200 dollars and we went all the way down to 63 hundred dollars so that's the importance of taking your profit. Whenever you see anything, goes straight up like that guys put in one of those trailing stop losses and just keep moving it up, because anything that goes straight up, as you can see, is gon na go straight back down. That just is what it is. Even after these pumps they go up and then a lot of the times they lose over half of that retracement, and I want to do that quick with you. I want to do a little micro fib here, just to show you what we're looking at so from this pump here up to this move, you were looking at about to that 0.5 retracement for that Fibonacci and what I like to do is take each one here And just kind of see, and these little mini fibs so we'll take that up that one bounced off to 0.38, so that's the thing when you really look at this guy's there's, similar places that we continuously get a bounce from so right now, we're sitting on the 0.38, so I'd look for a bounce from here or I'd looked out around that 9656. That 0.5 could be a really good area, because that's correlating right up here with that 50 moving average on the 4 hour and it's also riding up this trendline.
So that definitely could be a spot that we get our next bounce on. But in my opinion, right now, we're just having those healthy retracements. We really have to gear back up, make that higher low so that we can go up and make that higher high and then on the RSI for the four hour. We are sitting at 47 right now, so we have cooled down enough to make that next move. Whenever the Bulls are ready to step back in and then if we look at this here, these are the higher lows that I want to see respected so I'll actually take it all the way from back here guys you can go up just like that, so I Don'T want to be dropping down through this, so you could do that trendline right in there or you can make it smaller and just look at this area right in here and we'll bring this up. Try to get some touches there and we'll see if we drop down through this or if this is going to be an area where we find support and make that next move to the upside. And, as you can see, we can get very overextended up into the 80s here on the RSI and then to the downside. Obviously, we can get extremely low, we've been down to around 6 or 7 before when we were hitting that inverted head and shoulder. So things can get very overextended both to the upside and the downside in the space, and you just really want to protect yourself.
But right now the trend still is up. What we're lacking is volume. We really need more buying pressure, in my opinion, to continue this move to the upside. Otherwise, we could just really start breaking back down to the downside when you have to start looking at some of those areas that 9600 and then I'd look down around that eight thousand eight hundred ninety. So if you guys get some from this, I want to make it a shorter one, for you like subscribe hit that notification bell. I appreciate you all being here with me today. Let me know: are you in a Bitcoin position? Are you looking for that? A little bit more retracement before you jump in or do you feel that this uptrend is weak because of the lack of volume and we're just gon na start rolling back over, and this is just gon na be some overall macro low or high. So let me know down below guys. I appreciate hearing all your opinions that I'll try to get back to the comments as soon as possible. Take care.