If you reference my previous idea , which was merely an illustration highlighting the overlap of two competing channels, you will see that the price of BTCUSD continues to honor both the possible 'new' bullish channel as well as the previously established bearish trending channel.
From what I am seeing, the key point in time to pay attention to is around April 8 and April 9 on the 4-hours chart, leaning more towards mid-day on the 8th, which is denoted by the bulls-eye. The bulls-eye represents the last opportunity for BTCUSD to decide if it will definitively honor one channel or the other.
One thing to note is that any close above the 7450 mark from this point forward will likely confirm a new bullish trend, regardless of the bulls-eye should we break that plane and stay above it for a few candles. Also, with 7K now acting as support in the near-term, I am leaning more towards the bullish scenario from my previous idea, with maybe a little hiccup around $7,450, but very likely to honor the up-trending channel drawn in my prior idea.
Any close below the bulls-eye after we have passed it on the time axis, especially if we don't break above 7,200, and even moreso 7,450, would suggest a continued down-trend within the old bearish channel from my prior idea, and that is around $7,200 which would be the near-term high in that scenario.
I refrain from saying where BTCUSD will go or what it WILL do, but from what I've been seeing, in my own view, is that these are some key points to be aware of, and I anticipate BTCUSD to stay within the parameters I have outlined. Should we find ourselves in the bullish channel, points of interest include likely downward pressure in the 8200-8400 range, and right around that area, an old downward trend-line which may also apply some downward pressure. Reaching these levels might be a little ways off in time but with BTC, one can never be too sure.
Thanks for reading. Comments are always welcome. Discussion encouraged.
*Please don't ask me to recommend how to trade current or possible future scenarios. My goal here is simply to illustrate for you what my mind is seeing, nothing more. I don't have any financial advice or investment strategies for anybody. You do what you do when you do what you do. I am not here to nor am I trying to influence you or your behavior in any way.