BITCOIN short-term patterns and trend-lines for the next 10 days

I am looking at the 4H chart today in an attempt to break down Bitcoin's short-term price action. Now, it is more than obvious that yesterday's decline was fueled by the stock market drop, so keep an eye on Wall Street as another round of weakness may break this pattern.

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** The Channel Up **
Back to the short-term. Since May 7th, the dominant pattern (1.5 months and running) is a Channel Up. This has an Inner Higher Lows trend-line that has been supporting since May 25th and is in fact the one that has (so far) supported the recent decline (3rd contact as you see).

** The Falling Wedge **
The less dominant pattern is a Falling Wedge (dotted lines) since June 1st. This has been crossed by a wick to the downside only once, which is not relevant. This pattern also supported today the decline so along with the Inner Higher Lows trend-line apply a double support level (cross).

** The RSI **
On top of that the 4H RSI has touched and so far rebounded on the 31.000 - 27.000 Support Zone, which is holding and providing rebounds since the March bottom.

** The hidden Parabola **
Among these obvious patterns there is an underlying trend made of a Parabola that is defining the (Lower so far but could change to Higher) Highs. Every High is making contact with this Parabola on a higher Fibonacci level. If this continues to play out, then we should see $9900 in 10 days.


I hope you enjoyed today's short-term BTC analysis. Let me know if you agree or not with the above and feel free to share your work in the comments section!

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