Cryptocurrency analyst Joao Wedson evaluated the possible scenarios that could occur in the market after Bitcoin tested critical resistance at $117,000.
Wedson said the predictions they shared just seven days ago have come true, with $117,000 serving as a strong zone of resistance and prices falling at this level.
Analysts say that the average price indicators for the CVDD channel and Fibonacci adjusted market point to this level with significant accuracy, indicating market indecisiveness.
According to Wedson’s new expectations:
- A break above $118,600 can check the strength of the buyer and encourage prices to enter a fresh upward wave.
- However, if you fall below $113,700, you could potentially pull the price back to $110,000. Deeper weaknesses could focus on the $104,000-100,000 range. Wedson argued that these levels could become areas where institutional investors closely monitor new purchase opportunities.
At the time of writing, the BTC price has traded around $116,000, and remains roughly flat in the last 24 hours.
*This is not investment advice.
