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Bitcoin Price Once Again Tries to Break the Main Resistance; Should Investors Buy the “Dip”?

A new bullish cycle coming from the trendline of support at $37,776 has finally been able to push the price of Bitcoin resistance to $45,000. Close to a period of three months, the world’s leader among crypto-assets has suffered its share of multiple rejections at the level, incidentally, it has gone towards this for the fifth time in that period. The question at hand now is: Is it possible that buyers can build sufficient momentum to claim this significant level again?

A Steady Rise Despite Trials

Following the marking of Bitcoin sellers’ present deeper low points at $33,000, the price of the coin has begun to rise steadily with more rise seen on the trajectory. The recent higher levels in the low points have been attempting to minimize the attempt of sellers to have a full-scale launch out but buyers are struggling very hard to shut the candle over $45,000.

As it is, the price of Bitcoin has retested the resistance zone standing overhead for a fifth consecutive time in almost three months. Importantly, another reversal was suggested by the unexpectedly high tail of rejection that was stuck to the previous daily candle that had a lowering volume of activities.

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The forthcoming correctional point is highly expected to take a plunge to 10% and then it would run a retest of the convergent support available to the ascending trajectory and the $40,000 point. Bitcoin traders and those interested might then be able to grab an opportunity to buy a proper dip should in case the asset’s chart gives any sign of a reversal at this level of support.

Moreover, with more regards to the on-chain report coming from IntoTheBlock’s platform, the number of crypto wallet addresses that hold Bitcoin has now gone beyond 40 million units for the very first time.

On the other hand, if it so happens that Bitcoin sellers are finally able to create a breach at the dynamic support trajectory, then the price of Bitcoin might revisit the low point it was at in January at $33,000.

Definitions:

Level of Resistance – $45,000, $52,000

Level of Support – $45,000, $36,000

Technical Point of View

The trend that defines the 200-period exponential moving average intensifies the defense of the sellers at $45,000 and it assists to have a bearish reversal at that point. The confluence of resistance goes to add more weight to the importance of buyers reclaiming it.

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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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