What'S going on YouTube Chris here when we roll an update today, a Bitcoin right now, we're sitting at eight thousand one hundred ten dollars we're down 0.81. I had four things that I wanted to go over with you today, we're going to talk about the trend. That is up in the short term. Looking at the 4 hour chart we're also going to talk about the backtest we're gon na look a decreased volume and the candles are getting extremely tight and guys what you'll notice is when candles start to get really tight. You'Re gon na have that break whether it be to the upside or downside. It can give you a clue that at least a break is going to come. What you traditionally see is this decreased volume as well, so, as we've been breaking out through this downtrend channel in purple guys, we came all the way back and we back tested this green neckline, and this was some we were prepared for. We talked about this. A little bit a lot of times guys when you break out of neck lines about 50 of the time, you'll come back you'll back test him then you'll find a bounce off. Then what happened was we found a bounce off that? But we didn't have a lot of increased volume to try to get us back up and what happened. Was we made a lower high than our previous area around that 8400 and what I believe is happening right now, guys is we're in some type of consolidation.
Right now, so we had our explosive move up and now we're just kind of moving sideways. If you take a look at this, we bounced off the neckline. We came up and now for the past, probably we'd, say 40 hours or so we've been moving sideways and the candles are really small, they're tight, the volumes been decreasing and what I'm looking for is that next push up, because you have to remember in the short Term now, after we've had this inverse Head and Shoulders pattern, the trend now on the short term is up, and what you want to do here is draw a trend line that's. What I'm looking at here so we'll draw this trend line. This is the main trend line for us that we need to continue. These are our higher lows that came in that. We need to continue so you can see here's a low here's, a higher low, then up here's the higher low. So we don't want to start dropping below that area guys, but ultimately we're going to be looking at this trend line here so say we are to break back down through this green neckline again, I would start looking down around this green trend line for us to Start finding some support but we're, not at that area. Right now for me, because we're still trading up above this downtrend channel, this could be an area that we get that next pop to the upside.
And if we do get a move to the upside we're going to need to break we'll call it 8200 and it's. Gon na be up around 8000, 334 and I'd go off the real bodies here, as opposed to the wicks, because when you wake up that's, essentially the market testing those areas, so they are feeling around there. And then what happened is guys. You saw that sell off right here, so you see these long wicks up here we were poking trying to find a little bit farther up there for the Bulls and then the bottom just kind of fell out there and we ended up going from that. You know. Eighty four hundred dollars all the way down to seventy six hundred dollars and that's how fast things can move in this in this market or in this game that we're playing here of cryptocurrency and guys whenever you see things like this, this inverted head and shoulders. Traditionally, this should be a bottoming pattern, so if we zoom out here remember, this is all in the 4 hour chart. So we can really look at the patterns here. We'Ve been dealing with lower highs and lower lows, but traditionally, when you get some type of inverted head and shoulders like we had here, this was pretty pronounced. Here'S our left shoulder here's our head here's, our right shoulder that was gaining some strength there, and then we had that move out of the neckline. Traditionally this can be a bottoming pattern.
This could be us finding the bottom after six months of downtrend, but we still need this trend to continue because, like we've talked about guys, we can be in a short term uptrend. But what we need to do is get that past. You know even the four week mark you know five six weeks to where we can start getting into that intermediate term trend and then what you'll be seeing is higher highs and higher lows continuously coming in so here's our higher low. We failed to have a higher high, we set a higher low and then guys we're going to try to get up for that higher high, and what I want to look at next here with us was our RSI, so we're gon na look at a few indicators Here, let me know what you guys are doing. Do you believe we're gon na get a bounce off the top of this channel now we're gon na find support or off this 50 day or 50 moving average on the four week time frame? Do you feel as though we're gon na get a bounce off that and make the next move up or we're gon na start breaking back down through this downtrend channel in this neckline here and start testing that lower trendline? We were just looking at, but in terms of the RSI here on the four hours well you're kind of having that symmetrical triangle type deal and guys this, where it's, just at that point where it can break either direction.
So what we can do is even draw lines like that and we'll just do a very rough one here, for you just to show you what you'd be looking at, then you could even go down in that range there, and what we do guys is move this Back in just like that, so it'd be an odd looking one, but this would definitely count as a symmetrical triangle on the line graph here. So we'd want to see if we get a move directly out through the top of this trendline or if we're gon na start dropping back down, because our lower highs are coming in here, guys and then or I'm. Sorry higher lows on the bottom and then lower highs on the top, so this is definitely a wide symmetrical triangle, but we're gon na have to see which way it ends up breaking we're at 55 right now, so we definitely have a little more odds for us To continue this move to the upside, given where the strength is but, like I said guys, volume you just got to be careful here. Whenever you have these pumps, the volume can dry up until you have that next break that next move, then we'll look at our stock RSI stock, our sight, we are getting a bullish cross down in here. Let me pull this up for us a little bit so right here is our bullish, cross and we're gon na start moving to the upside, hopefully they're guys, but it'll need to come on big volume.
We need to have a little bit more volume. Stepping in with this, but we haven't had a bullish cross this one guys we basically rolled right over, but we haven't had a cross. At least from that sense. We'D say January. 12. 2020 is what we were looking at here. So, if you're trading a little bit more in the short term there, that is significant that we hadn't had across in a while, and that could give us the opportunity to pop out of here so we're gon na have to wait. In my opinion, the patient is gon na, be rewarded the people who are patient and can really wait to see what's gon na happen here. If we're gon na find support, you know off the top of this downtrend line or the neckline or this 50 moving average on the 4 hour time frame. Those are the people who are gon na be rewarded, because we have to wait to see if we really start having that heavy volume to the upside or the downside there guys, but just protect yourself that's. All I can tell you be safe in this market. Do the best that you can set those stop losses if you're going long guys just always have that stop loss in place? Look at your wrists a reward and go from there that's best thing. I can tell you so god bless you all guys like subscribe hit, that notification belt take care.