On September 11, the price of Bitcoin (BITCOMP) started the current bullish rally from the $24920 level. By the end of that week, we managed to climb up to the $26,800 level. In the following week, bitcoin continued to grow up to $27500, and there it encountered the first obstacle. After that, we see a bearish consolidation to support at the $26000 level.

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Bitcoin chart analysis

Today’s chart review will be on a four-hour time frame in order to give us a broader overview of Bitcoin price movements in the previous period, and based on that, we will analyze the future potential trend.

Initiation of a new bullish consolidation

The price gets the desired support at the $26,000 level and initiates a new bullish consolidation that formed a new high at the $28,592 level last Monday. We encounter new resistance at that level and pull back to the $27,200 support level. There, we form a higher low and start the current bullish consolidation that pushes us to the $28000 level.

During this period, we have support in the EMA50 moving average, which gives us optimism that we could climb up to the $29,000 level. In this way, we form a new higher high and confirm the dominance of the bullish trend. The previous time we were in that zone was in the last week of August.

For a bearish option, we need a pullback below the EMA50 moving average and a $27,000 support level test. If we could see it on the chart, we could think about a further fall in the price of Bitcoin to lower previous levels. The decline could be deeper to support in the $26000-$26200 zone. The current picture tells us that Bitcoin is in a bullish surge, and there is no bearish indication on the chart on the 4h time frame.

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