This is a Bitcoin ( BTCUSD ) update on my April 06 analysis on the Channel Up structure:

With the price getting rejected last Thursday on the 1D MA50 (blue trend-line) but holding and closing all 1D candles above the First Support of Higher Lows (green trend-line), Bitcoin has entered a strong consolidation phase on the short-term. The longer it goes, the more that looks as a bottom formation, even though the hard Higher Lows trend-line of the Channel Up is a bit lower.

As the 1D RSI has formed Higher Lows, a 1D candle close above the 1D MA50 would translate into an immediate rise towards the 1D MA200 (orange trend-line) where the price got rejected on the last Channel Higher High on March 28. A closing above that level further opens the way for a technical new Higher High formation, which has an upside limit on the 1.236 Fibonacci extension , currently around 50650.

This price action should continue to trade the Channel Up pattern until either the 52150 Resistance (December 27 High) or the 1W MA100 (red trend-line) break (long-term bullish and bearish break-out respectively).

Which break-out do you think will come first? Feel free to share your work and let me know in the comments section below!

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