I had four things I wanted to talk to you about today, and what we're going to get into here is the resistance area that we're dealing with and what you can see is we have a bit of a double top taking place right here with a little Bit of wick action, so there's some profit taking right in this area and that's correlating with this 0.618. So, as you know a lot of times when we get these big dumps so from our top to our bottom here, we have now had a reaction up to that 0.618. So now, what we need to do to continue, in my opinion, is to find support. Continued support off this green trend line and off this 0.5 and that's going to be at 6352. We need to keep this higher low that we have and we need to try to get up through that 0.618 and that's going to be at 7156 dollars. I believe we're at that point now we're getting that squeezing effect things are getting extremely tight, we're either going to start breaking down through this green trend, line or we're gon na have to break up and try to get up to around that 6800 and turn that Into support its overhead resistance, we need to break up through it and turn that into support. But what you see here is, as the price has been moving up, our volume profiles actually been going down so that's, something as well that you want to pay attention to by the way guys while you're here, if you get something from these videos like subscribe, hit, That notification pile help, get this out to your friends when we're going to try to show you the upside downside, the sideways, the best that I can and just evaluate this and tell you what to look out for and, in my opinion, the main things to look Out for this green trend line, you need to draw it on your chart.
We'Re on the 4 hour timeframe. Right now make sure that continues to hold, and we also want to stay up above this 50 moving average. Along with that trend line, that's going to be important, if we start breaking down through both of those, then we could start dropping to some lower levels, and we could be looking at around you in that 5640 dollars around that 0.382 would be an area we could Fall to and if not, that area we'd look down to around 48 49 hundred dollars as well, but it's important that as we get this squeezing effect here, you can see the candles are getting very kite there's. Nowhere else for the price really to go. It'S going to either have to break up or it's going to have to break down, maybe consolidate sideways a little bit and then that would make this trendline it's just irrelevant it wouldn't matter, but you know we got a lot going on here. We got this potential. Double top here right, we got the potential resistance at the 0.618, so those are the bearish things that are working against us, as well as that volume profile as we've been moving up, the bullish things are, we still have higher lows coming in and we're up above This 50 moving average on the 4 hour and this 20 on the 4 hour. So I think that is important as well, but we need some volume right now for a strong move to the upside.
If we're going to make it it's going to be very soon, in my opinion, next, what I want to do is pull off this Fibonacci, since we kind of looked at those resistance areas. Now I just want you to look again kind of at this channel how we've been bouncing back and forth, and this been between 5000 we'll call it 700 and that's 68 hundred dollars, which we need to get up through and turn into support, that's important for us And you can see this is going to be the bottom there, so you could even put an alert right here just so you know and we'll do this at about fifty seven hundred dollars or so we'll add an alert on the horizontal line. So I want to be alerted if that high or low is breaking and then to the upside, we could even put it right at about we'll call it seven thousand dollars right. There we'll put an alert, and I want to know if price starts to break up. Above that and that's the high of the wick that we had previously now on the four hour time frame here, this is really good for swing trading. This one that I like to look at a lot and that for entries I look at the one hour or the 15 minute chart as well, but we'll look at the stock first. Here take a look at this guys. I apologize everything going on my Internet's been a little bit slower.
We'Ve been dealing with some problems out here. So just bear with me, but right here on the stock you can see we did have our downward cross. We'Ve just been pointing to the downside now. So we haven't had any bullish action to the upside, yet so we'll keep an eye on that next one. I want to do we're going to go through about five of them here, we're, going to look at our relative strength, relative strength, we're at 57, starting to have a little bit of downward action here. So we do want to keep an eye on that as well. Next we're gon na go to our MACD and MACD, where it looks like we're about ready to get a bearish cross on the. Where our here to the downside, you can see the history I'm also taking to the downside. So we have to be aware of that, and we have that negative divergence right here as well, or these lower highs that we have going on right there. We could even draw that as a trendline just to show you there and then we'll get into our awesome. Oscillator – and these are the ones that I like to use – you can see we're starting turned to the red here. So this is an area guys. We really need strong move to the upside here. It could be a decent break to the downside and that's. Definitely not what we want to have happen right now.
We want to continue this move to the upside. We want to keep these higher lows intact. I think that's what's going to be important for us and then our channels here we are up above the middle band and we're kind of hitting the top of that right there, but we're getting that squeezing effect, which means there's gon na, be a break soon. That'S. What I'm looking at so you know guys. I want to bring this quick to you, but the main thing I'm watching is that green trendline, like I said, put your alerts in and just really see what we end up doing here. If we can stay up above these moving averages and give a nice little pop to the upside, because if we do, then we probably could run up here to around that 7800. Nice clean little run there. But if we do end up going to the downside, we're going to have to start looking at some lower areas around that even 60 100 down to around we'll call it 5700 as well. So you guys, let me know what you're doing down low I'd love to hear it and try to get back to the comments as soon as possible.