According to crypto analyst Akash Grimath, the Bitcoin (BTC) price fractal continues to decline. But the lack of volatility creates uncertainty and doubt. Regardless, some upside in BTC is possible before the long-term bearish scenario materializes.
Bitcoin price decline is delayed as volatility decreases
As you follow from Kriptokoin.com, Bitcoin (BTC) is having a lackluster weekend. BTC rejected the 20-week Exponential Moving Average (EMA) of $27,290 on September 18. It then saw a decline of 3.13% in the last 48 hours. At press time, the leading cryptocurrency was trading at $26,628. Lack of volatility is another reason why the bearish fractal is not advancing.
A rejection of the 20-day EMA was also noted in March 2022, and this was soon followed by a minor correction and an upward movement of liquidity on the buy side. If such a price move occurs again for Bitcoin, a revisit to $25,762 could lead to a sweep of buy-side liquidity stalled at and above the $27,500 level.
BTC 1 day chartInvalidation of this short-term bearish fractal will occur if Bitcoin price turns the $29,659 barrier into a support level. In such a case, it is possible for BTC to revisit the $31,643 resistance level.
Dream of a rising BTC outlook!
On the daily chart, it is away from the bearish fractal perspective. Bitcoin price is on the rise after retracing significant hurdles. These key resistance levels are the 13-day, 25-day and 30-day EMAs. Plus, these all came together at $26,580. Unlike the long-term bearish outlook described above, which has a higher probability of occurring, the current bullish outlook has low probabilities. Moreover, this view will be invalidated if the EMA breaks its confluence at $26,580.
BTC 1 day chartCritical levels for Bitcoin price
As a result, the long-term bearish fractal still persists. The goals we stated for this view are still valid. However, if investors want to open long positions with the EMA confluence as the support level, it is better to be careful. This bullish view is contingent on the $26,580 support not yielding to selling pressure on the daily timeframe. On the other hand, the continuation of the downward trend throughout the weekend fits the short-term bearish perspective. The take profit levels for this scenario are $25,757 and $25,153.
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