Overview:
Internet Computer one-year reading for 2024
Status: September 19th, 2023 5:03 p.m. Eastern time, reading price is currently $32.
Behavioral Trends in 2024
The overall theme and behavior for the year includes a period of sideways rotation ending with a sudden move higher. This is crossed with erratic behavior, back and forth through the same price level on at least a one-year chart. We should revisit a crest at least once, likely seeing the same crest more than once in 2024 amidst super erratic behavior.
There will be notable opportunities around the low and in the midst of a decline leading into the low on a multi-year scale. The year features erratic behavior, multiple revisits to a prominent crest and significant opportunities around the lows.
At a broader scale chart of over ten years, there was a notable decline and sideways movement, with a significant trade opportunity during this period. A notable reversal with a big move to the upside is expected, reaching a high within the ten-year period. This requires giving about a year’s wiggle room and following the sequence of events, looking for a move to the upside to a high around mid-year and possibly reaching new highs in 2025.
For the one-year chart, there are a couple of places with a crest on a multi-month scale, offering trade opportunities. The big trade is at the low for the year. We are likely to see our lowest price level on a multi-year scale in 2023, followed by new highs or revisiting a crest around $65.
Behavior around the highest high:
Behavior around the highest high for the year shows sideways rotation near key support. This suggests we may not have a broad range throughout most of the year, or we could see a broad range with sideways rotation near both the highs and the lows for the year.
Monthly Overview:
JANUARY:
Early in January, there’s an important resistance level marking an opportunity. There will be a lot of price changes around that resistance level, offering an opportunity to position in both directions for a multi-month trade. The low of January will form after a crest, selling off through multiple support levels down to the low of January.
Near the early January resistance, there will be a sharp drop that will stand out during the period of sideways rotation.
TRADE OPPORTUNITIES:
JANUARY:
The first trade opportunity is in early January at resistance. Position yourself for both directions so that you can sell the long position at the high and the short position at a trough, probably 3rd or 4th week of January or mid March. Be mindful of the back-and-forth and sideways behavior around the cusp of January and February.
FEBRUARY:
In February, there will be a sideways rotation towards the end of the month. An important range to the downside is expected. The February low will be an important trough that stands out on a one-year scale, likely occurring in early to mid-February amidst back-and-forth fluidity on a multi-day scale.
In the later part of February, there will be a decline through multiple support levels, taking us into that trough.
MARCH:
In early March, we have a bumping along resistance, possibly breaking through it. There’s a crest that stands out around the end of the first week or the beginning of the second week. This crest comes out of the February trough into a high around the end of February or the beginning of March, followed by a sharp drop into another prominent trough towards the end of March or the cusp of March and April.
The rally leading into that high increases in momentum on a multi-day scale, peaking around the cusp of February and March. This will be the highest point thus far. There is a trough around the cusp of March and April, with significant volatility at the end of March.
TRADE OPPORTUNITIES:
At the end of March, there is a lot of volatility. Near the cusp of March and April, out of a trough, there is a good opportunity to go long. There’s a breakout to a peak in early April, which may be another highest high thus far or the same high. There’s a sharp drop off of that highest high.
APRIL:
In the early part of April, there’s a notable reversal with a significant decline through multiple support levels after a failed attempt to break through key resistance. It’s probably the same high as in February.
MAY:
In the early part of May, there’s a U-shaped dip taking us to possibly a low. Out of this, there’s a rally along the diagonal trend line, breaking through horizontal resistance on a multi-day scale to meet a second resistance before pulling back to somewhere between those two price levels. There may be a pop and drop in the later part of May, with multiple failed attempts at key resistance, then falling back to a prominent trough around the cusp of May and June.
TRADE OPPORTUNITIES:
The trade would be at the highest high, with a failed attempt to break through key resistance, likely the same high as in February. Open a short position there, anticipating the decline in early May, and close that position at the mid May low. At the low, you could open a long position, as there is a chance of a pop and drop back to the highest high again. If the pop and drop doesn’t occur in May, it might be on the cusp of May and June.
JUNE:
In June, exit at the high, which will be an important price level with sideways rotation indicative of a high at the beginning of the month. After meeting key resistance with sideways rotation near the high, there should be a decline with consecutively lower spikes on the way down, leading out of June and into a prominent trough or lowest low.
JULY:
In July, this is most likely the location of the lowest low. It may be the same low as earlier in the year, or this could be a lower one. If there’s a lowest low out of all the lows mentioned, this is most likely here in early to mid-July when a support level met before is revisited. This is probably the same low because that support level is being revisited, likely in late July around the cusp of late July.
AUGUST:
In August, there are wild price swings off that lowest low, presenting a trade opportunity. One could open a long position at that lowest low and close it around the same highs seen earlier in the year. Look for sideways rotation around the highest highs, indicating another sideways rotation period. It is very likely to see the highest high in August when meeting resistance that has failed to break through many times before, towards the end of August. It is advised not to chase a rally there, as a failed attempt to break through key resistance will lead to a decline through key support around the cusp of August and September, making it hard to determine where the trough will be.
SEPTEMEBER:
There’s a trough around September after the failed attempt to break through key resistance that was expected to break through. This will involve a move higher through resistance, staying above it briefly, and then breaking back down through the same price level. Shortly after, on the scale of one year, there will be a big move higher out of the low followed by a full retracement of that move.
Around the cusp of September and October, out of a decline, there is a big move higher that will stand out on a one-year chart, probably in early October. Following that, there are bearish price swings, making October a wild month with a fake out at a prominent crest or peak.
OCTOBER:
In October, there are three crosses back and forth through the same price level near the October low, confirming the bullish trend. Late October has a sideways fluctuating rally that precedes a sharp decline.
NOVEMBER:
In early November, it is possible to see another lowest low. There is a significant move to the upside towards the end of the month or year. Which is likely to see the same lowest low again in early to mid-November after a decline through multiple supports.
From this low, there will be a substantial move to the upside, pushing the upper end of a range higher and potentially making a new high or the highest high for the year. This pattern of a sharp decline followed by a significant move higher takes the market out of the low in mid-November and pushes it to a new high in December, with the potential for even higher levels in 2025.
DECEMBER:
December is bullish, with a bit of retracement of a move higher around the cusp, followed by another big move higher despite seemingly overwhelming headlines, taking the market to a prominent crest or peak, possibly a highest high.
TRADE OPPORTUNITIES:
A higher price level may be seen in the following year. The best trade opportunity arises if the lowest low is seen in November; buying a substantial long position in anticipation of a significant move in December is advised. Selling towards the end of December is recommended.
For a longer-term investment, it is suggested to open the position in pieces: in July and August. This position should be held into 2025, with potential highs around the cusp of 2025/2026 or 2027/2028, but not past then. This is the outlook for ICP in 2024.