Cryptocurrency analyst Joao Wedson evaluated the scenarios that could occur in the market after Bitcoin tested the critical resistance at $117,000.
Wedson stated that the prediction they shared exactly seven days ago has come true, saying that $117,000 acts as a strong resistance zone and the price is slowing down at this level.
According to the analyst, the CVDD Channel and Fibonacci Adjusted Market Average Price indicators pointed to this level with remarkable precision, indicating indecision in the market.
According to Wedson’s new expectations:
- A break above $118,600 could confirm the strength of the buyers and prompt the price to enter a fresh upward wave.
- However, a drop below $113,700 could pull the price back toward $110,000. A deeper weakness could bring the $104,000-$100,000 range into focus. Wedson argued that these levels could be areas institutional investors will closely monitor for new buying opportunities.
At the time of writing, the BTC price is trading around $116,000 and has remained almost flat over the last 24 hours.
*This is not investment advice.
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