Was this ascending triangle and guys what I'm gon na be going out of here? This is called getting started in chart patterns it's by Thomas and Bukowski, and what it talks about for ascending, triangles and we're gon na identify this for Bitcoin and see, if we're, still in that ascending triangle. What are our odds that we're going to continue to move to the upside? What are the odds of a downside move as well, so we're gon na get into all that guys? If you get something from this, like subscribe, hit, that notification Bell appreciate you all being here with me today, not feeling the best to just bear with me got a little bit of allergies going on, but um just bear with me that's. The best thing I can say so my voice can be a little shaky back and forth, but what we're looking at for ascending triangles here number one, what it says is look for Peaks that top out near the same price, a horizontal top that's. What we have right in this area it's slightly down a little bit, so some people could say this is you know like a symmetrical triangle, but I would put it more besides this manipulated move here, I would put it as an ascending triangle. Number two find prices that make higher valleys prices should touch an up sloping, trendline drawn beneath the valleys and when you're looking at trend lines, you want to try to get the most touch as possible and right now this is my bottom trendline.
You can see. We went right down to it so we're I mean guys we're fighting right. Now we have the 200 moving average on the for our over top. We have the 50 moving average over top and we have the 20 moving average over top acting as overhead resistance now. But we have to remember they're moving sideways and moving averages aren't as powerful when they're moving sideways because we're just ranging, as opposed to when you're trending up or down okay. So we have to be aware that but we're still we're fighting to stay in this ascending triangle. Right now, we need more volume. This isn't, a lot of volume coming in here. We don't want just a little weak reaction, bounce than a big fall down through this ascending triangle. If that is the case, I'd start looking at some lower levels, guys I'm gon na get into all that. But next what it says here price is much touched. Each trendline at least twice we have that we have three times at the top there we're looking at about five on the bottom, so that's perfect, I mean so far. Everything matching up here, guys prices, much crossed the chart, pattern from side to side, leaving little white space in between that's. What we have here, tons of chopped back and forth so that's another one. The two trend lines converge at a triangle apex. You can see how that's forming basically we're getting to that apex.
The volume trends downwards 77 of the time from the start right back in here, and this was May 8th all the way down 70 percent of the time, and you can see the volume has for the most part trended down. You can see the slope right here. More so just sideways, but down a little bit as well. The next one a breakout occurs when price closes outside the trendline boundary. An upward breakout occurs 70 percent of the time. So what we have to realize is with ascending triangles 30 of time. They can break to the downside, and you have that 70 percent chance they will actually continue and that's. What we're looking for here is this ascending triangle going to be continuation of the move that we've been having here. You can see right here and now we're looking at that consolidation that ranging to decide is this it for the trend and we're going to start going back down, and this is distribution right or is this continuation, we're, cooling everything down before we have that next pop To the upside – and we try to get over top at 10500, which has been plaguing us for a long time, but what it we're gon na need is volume. So right now I would say: we've identified an ascending triangle here, which 70 of the time it breaks to the upside. Our trend in the secondary term has been up here: intermediate secondary term up overall we're, still in a macro downtrend and then in the short term.
We'Re, just ranging sideways so that's. Why it's so important for us to start getting volume and to have us get up above? You know that 10000 psychologically in that 10500 gon na, be so crucial for us right now, we're sitting at nine thousand two hundred and fifty nine dollars, so that's Bitcoin guys next one we're gon na get into is the theorem you get something from that. Let me know down low, like subscribe, hit that notification belt and we'll get into aetherium and aetherium. In of these other coins. I wanted to look at on the one day time frame, so this all Bitcoin resolved for our we're gon na look at aetherium on the one day, but you can see a lot of fight between the bulls. The Bears here so a theorems at 234 dollars now with aetherium we're fighting with this 20 EMA in purple and that's a very important moving average, most up trends we're above it all the time you can see over here. So, basically, once we got up above it, we started this beautiful uptrend. Once we drop below it, it was crash city, so that's. Why it's so important to pay attention to these things, we're fighting with this right now we want to continue to hold the 50th support as well. We started losing the 50 guys it could be down to this 200 moving average very quickly and that's about a hundred and eighty six dollars so it's important.
Now that we start moving to the upside as soon as possible and getting up over top of 243 and ultimately, this 250, that we've hit now three or four times that we haven't been able to break so I'm, really gon na watch 252 dollars in terms of Resistance support I'm. Looking at around two hundred and sixteen dollars, we are starting to have a little stock downside cross here that was correlating with this bearish engulfing candle RSI is at 51 were running neutral and then we'll take a look at trading view for aetherium as well. This will come up for us so right now you can see how neutral we are. Nine sell, 10 neutral, not buy. I mean this is very neutral, guys, really a coin flip right now what happens and that's. Why it's been so hard to do? Videos on all this because we're just really moving sideways, a ton right now, we're just waiting and we're trying to be patient litecoin still in a little bit of trouble here, we're at 42 dollars, 68 cents. You can see the sell signal really deep here in the sell what's going on we're having a stock cross to the downside. Our RSI we've been losing a little bit of steam there we're at 43, we're below our 20 or 50 and our 200 and the green trendline that we broke down through. That could act as overhead resistance again, but litecoin I mean still for the most part we've.
Just been ranging sideways as well, we haven't had the bounce that, I would say, aetherium had or Bitcoin had after the massive crash. Here we had this little bounce that we've really just been moving sideways and we really need to find out. Is this going to be some nasty gnarly monstrous Bear Flag and we have a huge break to the downside or we finally just consolidate and get a move, the upside guys right now. I would be careful in litecoin just due to these reasons. You got a lot of downward pressure on you right now and you almost have like a descending triangle here. If you drew this out and then we kind of have a flat bottom here and seventy percent of time descending triangles break to the downside. It'S kind of the opposite of that ascending triangle: that's litecoin, guys next one we're gon na go on to is gon na, be did you bite and if you're here for did you bite? Let me know down low. I want to see all the people who come to this channel for digi bite as well, see if you all want me to keep covering it alright. So what did you bite? We'Re fighting here, guys moving sideways it's, a really big fight. We had a huge amount of volume coming right there and sometimes guys that can be almost like a climax top. You have to be aware of that, but what we could draw for, did you bite right here's? What I'd do and we'll see what we form all right, so we have a bit of a symmetrical triangle here, almost like a little flag pattern and guys that would be nice, because this would be our poll on massive volume and typically in these flags or pennants, The volume will typically go down and then you'll have that next pop to the upside, so there's some I'm going to keep an eye on here, I'm gon na keep these drawn.
I think you should on your charge as well. If we start having a down side break here, guys, we could probably go all the way back to that 200 moving average on the one day. Time frame at 0.009 94 is, where i'd be looking at, for support because out of a symmetrical triangle, which is a neutral pattern once you have that break, it could be. You know twenty thirty percent to either direction. So we got to be careful on this as well. We also don't want to start trading below this 50 moving average, because then that will turn into overhead resistance, and we don't want that right now. We want to stay up above that, keep it as support. So we can start breaking up through some of these higher areas and see if we can get up above that zero point, zero. Two four: six one is what I'm going to be looking at there now in terms of trading view, we have three cell nine neutral and a sixteen by so where we're getting our by here is on our moving averages, we're a lot more neutral in our oscillators We'Re have a cell for the momentum and we're having a cell for the MACD, the awesome oscillators thrown a by right now, okay, so you can see, though, like how did you bytes ahead of litecoin, because it's up above these moving averages, and that will show you So right now, I think, for did you bite.
What we would want to see is just a symmetrical triangle, a breakout to the upside, but what we're gon na need out of that is Bitcoin in aetherium to get moving as well. That'S what's going to be really important for us here, but a candle close today up above the 50 would be a good thing for us. Remember. If you're playing did you buy it's gon na be very volatile because the books are slimmer or the volume is less than like what bitcoin is and it can be swung around a lot more. So just really keep an eye on that and then we're gon na get into me say: go next mmm. Let me know if you're here for a me say go if this is a project you, like so me say, go still holding it's 50 moving average. It is still holding this one dollar and 38 cents, which was important. This was our previous resistance we're trying to hold it as support. You know just move sideways, let everything cool down, so we can get a nice pop next to the upside it'd, be nice to turn this into some type of little bull flag here, but it's gon na take a theory, a movement it's gon na take Bitcoin moving And what we do need to be aware of here we had higher volume selling right in this area. You can see our volume that was dropping down here, so we did have a little bit of selling action going on.
Our best hope is to set basically a higher low right in that area, where we're at now and then try to get up above a dollar and sixty five cents, we're still holding our 200 we're holding our 50 we're fighting with this 20 we're gon na have To see what happens with that, like, I said typically an uptrend you're gon na try to hold that most of the time you can see over here we held it most of the time once we lost it, we had a drop all over here. For the most part, it acted as overhead resistance see that typically an uptrend we hold it as support, says something. We'Re gon na have to really keep an eye on here. Our stock is starting to cross to the downside. So we need to be aware of that. Our are a size at 49 running neutral. You know, it's, just a tougher spy ray. Now we had a nice trend line break out of this teal trendline here, but a lot of times you can have those breaks. You can come all the way back here before you move again. You can all back test it so that's something that does happen, and we need to be aware of that now for Oh Mesa, very neutral in this area, we're having 11 sell we're having a 10 neutral in a seven buy. You can see the shorter term moving averages, turning to sell we're having thrown some buys on the longer ones like that 50, that hundred 200.
We were talking about and very neutral over here. Excuse me on all the oscillators and we're, just basically waiting for Bitcoin to make its move waiting for aetherium because a me say goes and ERC 20 token as well, so it's really going to be driven by a theorem. But we need to pay attention to that. But that's what I have for you today guys I appreciate you being here with me: god bless you all.