I am short term on Bitcoin at the moment based on a couple of patterns. On the 4 Hour chart you can see that an inverted pattern has been forming over the past few weeks. Within the right shoulder it also appears that a textbook is forming along with contracting . A within a .
Many on here have been posting about a , however I don't believe that is what is happening as the lines for are not parallel. There should have also been increased to support the recent "breakout".
Short-term levels that i'm watching are the lines on the . In the event of a breakout the next level to watch will be the neckline of the inverted . I believe that a breakout of the neckline could result in a move up to the 5k area. -- If Bitcoin breaks down from the there could easily be a retest of the 3K area. The 3.7K area (gray line) also seems to be an area worth watching for possible support but it doesn't look like a very strong area.
A rule I have when doing is to not overcomplicate things. You don't need tons of fancy indicators or to try and count waves which is highly subjective.
The simpler the analysis, the more likely other traders will see it too, which increases the odds of it working out.
*This is not financial advice. For entertainment and educational purposes only.