Cryptocurrency analyst Joao Wedson said the $117,000 level is a key zone for Bitcoin (BTC).
In his assessment, Wedson pointed out that this level is one of the points that the market has had a tendency to slow or form local peaks in the past.
“Prices above $117,000 will enter a zone of strong interest and indecisiveness, so a clear break above $118,000 will be a sign of strength,” Wedson says.
According to analysts, the CVDD channel and Fibonacci corrected market average price indicators show fairly accurate levels throughout Bitcoin history, but now refer to the same region.
Wedson warned cryptocurrency followers to be careful, claiming that the zone could determine Bitcoin’s next “explosive” move.
At the time of writing, BTC is trading at $115,609, up 4.95% last week. Meanwhile, Ethereum has grown by 8.63% with price trading at $4,647.
*This is not investment advice.
