Bitcoin consolidating above former resistance, but what's next?

Bitcoin is doing what it's done best over the last decade and continuing to climb, despite skeptics, antics, and rhetoric.

While some traders are expecting price movement to retest the former resistance zone, there are signs suggesting a retrace into that zone may not be necessary in a bullish continuation.

The four-hour-charts, shown below, each suggest different possible price movement based on the timeframe analyzed.

The first being a simple line chart, marking the price at closing value, along with the standard candlestick chart, highlighting the high, low, open and close of the given period.

Notice the volume decreasing with price while the line chart confirms a consolidation attempt, known as a bull pennant/flag.

The bull pennant can still be invalidated with a price movement that breaks the lower trendline of the pennant and leaves the possibility that bitcoin can take a large swing downward in the event bears take control.

The most recent surge of late February-to-now appears to be in alignment with the previous swings in 2014 to 2017, in which the first two years of price movement to the upside consisted of 100-200 percent surges over 2-3 month periods.

What to expect if the bull flag is invalidated can be read here.

Ultimately, any move from Bitcoin at these levels will be impressive.

As the coin gets closer to the halving, based on previous halvings, it's likely to see another jump in price.