Welcome to this updated analysis on BLX Let’s get right to it!
Since we are just starting to cool off in this year-long bear market, it is more likely that we will fall to retest support, before we breakout above powerful resistance. Looking at today’s price action, we can see that in December we had a spike down into oversold territory, and I think we will eventually see another spike down. However, that doesn’t necessarily mean that bitcoin will put in a severely deeper low. Based on my analysis of the linear rise and fall of the market cycles of Bitcoin, I see that there could be one lower low, or a test of the current low, sometime near October of this year.
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