The technical setups posted below use simple trend detection, support and resistance, channels, pattern and candle analysis. We aim for high-probability trade setups on BTCUSD and use very few indicators. All charts use BNC’s Bitcoin Liquid Index for maximum accuracy.

The timeframe for trades is 1 to 7 days, so we’ll use 4h candlesticks. Bitcoin is best traded as a purely speculative commodity on 4h+ timeframes.

http://bravenewcoin.com/news/bitcoin-price-analysis-calm-before-the-storm/

That's because technical analysis is mostly dumb.  However, it does play into behavioral economics, so it's nice to pay attention to sometimes...