I recently took a look at bitcoin's price action since late August, as the virtual currency consolidated after a sharp decline. In the previous breakdown of the consolidation, we began to see some clues of bullish bias:Stalking the Choppy Bitcoin Price Action Since the article, we have gotten another bullish sign.Bitcoin (BTCUSD) 4H Chart 9/28 (click to enlarge)Bullish Slingshot: Tthe bullish sign I am talking about is price bouncing off the cluster of 200-, 100-, and 50-period simple moving averages in the 4H chart. The crossover and the bounce is called a slingshot.Price rebounding above 230 also confirmed respect for a price bottom above 222.50, and puts pressure on the high around 246. The short-term upside risk above this high would be around 260.