Overview:
Bitcoin one-year reading for 2024
Status: June 29th, 2023 2:21 p.m. Eastern time, reading price is $31,53488
Behavioral Trends in 2024:
The overall theme and behavior for the year shows a prominent move higher through a key resistance, which is resistance on a multi-year scale. We break through that resistance, stay above it briefly, and then break downwith a retracement of that move. This is crossed with sideways rotation along key support, which will be key support on a multi-year scale. There will be sideways rotation along that support, rise to meet the nearest key resistance, and then fall back down and continue rotating sideways. We want to see a move from a low to meet a key technical resistance level, followed by a retrace.
Behavior around the highest high:
The market continues to rotate sideways along support. Essentially we have a low on either side of the high. Behavior around the highest high, there is a breakout through key resistance, followed by a decline through key support. That’s again resistance and support on a multi-day kind of scale. It is important to look for this type of behavior around the high in April.
Sneak Preview for 2025
The sneak preview for 2025 indicates a period of volatility that ends with a fast, sudden move higher. This is supported by the 10-year analysis.
Rally in 2023
There is a rally in 2023 that increases in momentum moving forward. A high is expected in 2024, followed by a notable decline that ends with a fast, sudden move higher.
Positioning for 2024
It is uncertain whether the rally into a high will be followed by a decline and then a fast, sudden move higher or if the rally into the high includes the fast move higher into a higher price level. Positioning in anticipation of a high in 2024 going into 2025 is crucial.
Brief Peak and Decline
There is a brief peak that is easily missed, followed by a decline through key support, suggesting a bearish stance going into 2025 in anticipation of a significant buy opportunity in 2026.
Bitcoin 2024 Reading
There will be a brief peak followed by a decline through key support and a significant buy opportunity expected in 2026.
Monthly Overview:
JANUARY:
Off of the January high, which is likely at the beginning of the month, there’s a notable decline where we decline to revisit a support level that we recently met once before. Behavior around the lowest low includes a pop and drop off of the low, likely going from a low to a high early in the month and then back to a low on a one-month scale.
FEBRUARY:
In February, a key resistance level is highlighted, possibly indicating a breakout. This key resistance level is highlighted in early February. There is a notable trade opportunity at the February low, where a lot of price change occurs off the low, probably around the second or third week of February. There is a big move to the upside with a rally increasing in momentum moving forward in time. A trough appears on the cusp, and there’s a spike up on the way down to a lower price level in February. Then, there’s a big move with the rally increasing in momentum, taking the market to a key technical price level and resistance on a multi-day scale, where volume or volatility will flatten out. This occurs after a big end-of-the-month move to the upside.
MARCH:
In March, there is sideways fluidity with equal amounts of bulls and bears, inflow and outflow back and forth behavior along key support. The month finishes roughly around the same price level as where it started. There may be big price swings. There is an important trough in the second week of March, with a big move out of that from the bottom of a range to the top of a range. There is a decline off of that peak or crest in the third week of March, leading into a trough on the cusp of March.
APRIL:
In April, there is a lot of price change and an important trade opportunity around the low of March and early April. In early April, a lot of price change occurs, and an important resistance level is highlighted. There is quite a lot of price change around that resistance – either a lot of volatility back and forth or a big move into or out of it. There is likely a big move into that resistance, leading to the upside and meeting resistance. At that resistance, a notable reversal stands out on a one-year scale. The market goes from a trough early in April into resistance, and this important technical price level is likely topped off towards the end of April. At this point, there is a trade opportunity and a peak or crest that stands out prominently on a one-year chart, followed by a notable sell-off. Behavior leading into the April low includes three pokes through the same price level, followed by a sharp decline off the third poke. There is an unexpected move to the upside.
May:
In early May, the rally forms along a diagonal trend line, breaking through horizontal resistance to meet a second resistance and then pulling back to somewhere between those two price levels. The high in May is also in close proximity to a prominent trough for the year. A key technical price level, important on a multi-year scale, is highlighted in late May. Mid-May sees a big move to the downside, taking the market into a trough at the end of May, where a key technical price level on a multi-year scale is likely present. Behavior around the May low includes a failed attempt to break through key resistance, followed by a decline through key support into the low.
JUNE:
In June, there’s a big move out of a trough to the upside, presenting a trade opportunity with a big move to the upside. The high in June is formed from a pop and drop, creating another trade opportunity. Late June sees a sideways fluctuating decline. Out of the decline that takes the market into the June low, there will be a move higher even in the face of seemingly overwhelming headwinds. Either chart behavior will make it look like the market should go lower but instead go higher, or there will be a lot of headwinds making us expect a lower move, but the market goes higher anyway. This low is probably early in the month, with a pop and drop right around the cusp of June.
JULY:
July sees a big move higher out of oversold territory. This could be to fill a previous gap down, a short squeeze, or, in some cases, a gap up.
Around the July high, there is likely a prominent crest in late July, with a failed attempt to break through key resistance. Off the July high, a notable decline offers a trade opportunity. There are multiple failed attempts to break through key resistance on a multi-day scale around the July low. The decline off the July high, taking the market into August, is followed by a little rally around the cusp of July and August.
AUGUST:
In August, a sharp drop occurs in the first week, presenting a trade opportunity. There’s a lot of price change in early August, taking the market to a prominent low for the year. This could be where the lowest low occurs, as there is a significant low energy in August, leading to a notable drop. Chart behavior in early August allows positioning in both directions, utilizing a key resistance level as a mean point for short and long positions, taken at separate times. Behavior around the August high includes a sideways S-formation within a channel, declining from resistance to support, reversing back to resistance, and then back to support, suggesting two highs. August shows a lot of mixed behavior with definite troughs throughout the month, making it hard to determine if there is another low early in late August. Late August likely has a brief peak that can easily be missed, followed by a sharp decline through multiple support levels into the low. There’s a near overbought peak or crest sold off into the August high, which is probably where another lowest low occurs. The lowest low for the year might also be on the cusp of January-February, with possibilities of seeing it again around the cusp of June-July or in August.
SEPTEMEBER:
In September, there is a support level highlighted that’s important on a multi-day scale. A low is likely around the cusp of August-September at that key support level, important on a multi-year scale. Support will be revisited at the September low during a period of sideways rotation where there’s a sharp drop. The September high will be in close time proximity to an important low for the year, forming out of a decline. A fast, sudden move higher will mark the end of that decline, with a peak or crest towards the end of September.
An important trade opportunity arises in the last week of September, with some sideways rotation false tops or tricky behavior occurring around the peak or crest.
OCTOBER:
In mid October, there is a cash-out opportunity. A sharp drop is indicated in early October. The low for October will form when the market declines down to and through support to meet second support, then rotates sideways along that support.
There are three crisscrosses back and forth through the same price level around the mid October high, confirming a bullish trend.
So after the mid October peak, we decline sharply into the cusp of October-November.
NOVEMBER:
In early November, there is a possible location for another highest high, with a definite peak or crest. A decline off that peak or crest occurs right on the cusp of October-November, followed by a prominent move to the upside and a retracement of that move back down. This is likely where a peak is seen, with key resistance present. A fast, sudden move higher takes the market into the November high. An attempt to establish support near the November low, likely similar to the support level in October, occurs. A lot of price change happens in late November, with mixed movement, including a rally to the upside followed by a breakdown of that rally with volatility.
DECEMBER:
In early December, there’s a sharp drop that stands out in that period of volatility. The December high sees a decline through multiple support levels.
Late December features a rally along a diagonal trend line that ends with a fast sudden move higher, followed by a breakdown through that diagonal trend line with increasing volatility. Behavior around the December low includes bumping along key resistance on a multi-day scale, moving sideways in early December.