Overview:
Coin one-year reading for 2024
Status: December 12th, 2023 8:24 p.m. Eastern time, reading price is USD $139.62
Behavioral Trends in 2024:
The overall theme of behavior for Coin in 2024 is a notable decline on a one-year chart scale to revisit a support level that was recently met once before. This theme involves revisiting that support, either seeing the same support multiple times throughout the year or on a multi-year scale, and it could be both. It is crossed with sideways rotation along the key support level on a one-year chart scale minimum, probably multi-year.
Behavior around the highest high:
Behavior around the highest high indicates a notable decline off of the high standing out on a one-year chart scale. This suggests that the high is seen more than once, most likely. Either we see the high again in the following year, but most likely the high can be seen more than once. This would follow suit with a lot of the other 2024 readings following similar patterns.
Behavior around the lowest low:
Behavior around the lowest includes a decline through support to meet a second support. This occurs on a multi-day scale with sideways movement along support. Subsequently, there is a breakdown through more supports into the lows for the year.
The highest highs and the lowest lows for the year typically occur within close time proximity to each other, usually within 3 to 6 weeks. This often signifies a direct move from a low to a high with volatility or back and forth in between, or vice versa from high to low.
Sneak Preview for 2025
A side fluctuating rally that precedes a decline is expected in 2025.
Multi-Year Standpoint
From a multi-year standpoint, the current move is anticipated to reach a key resistance on a multi-year scale. The $350 range in COIN is expected in the midst of the ongoing rally, with a cash-out recommendation around that price level. The $350 range is likely to be seen by 2025 at the latest, possibly before 2025.
The pattern involves a decline around the cusp, followed by alternating rallies and declines, with multiple encounters at the same resistance level, indicating key resistance on a multi-year scale.
Determining Price Levels
To determine if the 350 range will be reached in 2024 or 2025, observing lower price levels as highs is essential. If seen in January, $350 might be reached in 2024; otherwise, it will likely be seen in March 2025. A bearish position for a multi-year swing trade is suggested, ending around the opportunity in 2026.
Highs and Lows
The highest highs could occur in March or June or July, possibly the same high multiple times.
Lowest Lows
The lowest low thus far in January. Some lows might occur a few more times throughout the year, possibly in June, and October or November before highs again.
Best Trades
The highs and lows are closely timed. For the best trades, a notable rally out of a low around January or February is observed. Opening a short position at the January high and closing it around the lowest low in January is recommended. Opening a long position at the February low, which is probably lower than the January low and closing the position in March is also suggested. A decline in early June to a low in June offers an opportunity to open a long position into bullish swings in August. The highs in September suggest opening a short position and closing it at the October lows, or if missed, at the November lows. In the midst of the November lows, opening a long position to close when the resistance throughout the year turns to support temporarily is recommended.
Comparative Performance
The comparative performance to the S&P 500 shows similar patterns, diverging in the fourth quarter, or possibly the third quarter. Coinbase is expected to outperform the S&P 500 in 2024.
Monthly Overview:
JANUARY:
In early January, there is a notable move higher on a one-year chart, with erratic behavior back and forth through the same price level near the January high in early January. We’ll be revisiting a crest that we recently met once before; it could be that we’re revisiting the crest from the end of 2023. We have a high and a low within close time proximity to each other too. Erratic behavior back and forth through the same price level, like a prominent high and a prominent low on a one-year chart scale, both within close time proximity to the January high. Behavior around the January low shows a rally into a key resistance on a multi-day scale. Then we break down from that resistance with consecutively lower specs up on the way down, taking us into the low. Then there’s an unexpected move higher out of the low in late January which is a prominent move higher.
FEBRUARY:
In early February, through a key resistance on a one-year chart scale, there is a brief peak, followed by a break back down through the same price level shortly thereafter with a full retracement. A prominent high on a one-year chart scale occurs in February, followed by a decline through support off that high. Behavior around the low of February shows a notable rally on a multi-day scale that will offer opportunity. An unexpected move higher occurs even in the space of seemingly overwhelming headwinds or really scary technical chart behavior, or both, in the later part of February. There is a peak on the cusp of February and March.
MARCH:
In early March, there’s a decline through support to the second support, followed by some sideways rotation along that support. The low for March likely occurs at the end of the first or the beginning of the second week of March. This represents a significant trade opportunity. There’s an overbought crest that leads to a sell-off through multiple support levels, ultimately reaching the low. The March high and low appear to be within close time proximity to each other. Towards the very end of March, there’s likely another peak around the cusp of March.
APRIL:
In April, in the midst of a lot of price change, there is a move out of the low back into a crest and an important resistance level highlighted on a multi-day scale. In early April, there is a pop and drop with sideways rotation along key support, and the pop and drop continues. The April high forms within a period of sideways bumping along resistance, possibly breaking through resistance and then bumping lower resistance near the April high. Behavior around the low presents an important opportunity that will stand out when looking back at 2024. The April low will be an ultra-significant and improbable opportunity. The behavior in the later part of April involves a lot of price changes and volatility. It is hard to say if this is bullish or bearish. It looks like it is to the upside but then turns downward around the cusp of April / May
MAY:
There is a prominent peak in mid-May. There is a decline in the early part of May that ends with a fast set move higher. The May high forms when we exit out of a deep trough and there is a big move from the bottom of the range all the way to the top of the range. But in any case, we have both a May peak and a May low within close time proximity to each other. The May low forms when we decline from a crest down two and through support. And then we do a U-shape reversal below support, come back, and reuse that as support. Behavior around the later part of May; there is a sideways rotation along key support, a big move higher, and then a sideways rotation at a higher price level. Exiting May, there is a rally with increasing momentum through early June.
Behavior around the later part of May, there is a sideways rotation along key support, a big move higher, and then a sideways rotation at a higher price level. Exiting May, there is a decline with increasing momentum through early June.
JUNE:
In June, there is a decline early in the month to a prominent trough. There is a prominent peak and a prominent trough within close time proximity to the June low. There’s a trough in early June and then a trough in late June, with a move higher followed by a full retracement of that move in the later part of June. There is a failed attempt at key resistance on already established key resistance near the June high and a decline through key support.
JULY:
In early July, there is a notable decline. There is really mixed behavior around the July low with equal amounts of inflow and outflow. There is probably a fake-out of some kind near the July low as well. Multiple failed attempts to break through key resistance occur in mid July. The July high forms when we push the upper end of a range high. Interestingly, there’s a significant decline on the cusp of July. The July high is within close time proximity to both a prominent peak and a prominent trough on a one-year chart scale.
AUGUST:
In August, there is a prominent peak and a prominent trough on a one-year chart scale. An important price level acts as resistance in early August, highlighting a trade opportunity. There are usually bullish price swings around the August high and a rally that increases with momentum moving forward out of August. The behavior around the August low includes a peak that stands out on a one-year chart scale, from which there is a notable sell-off into a prominent trough on a one-year chart scale. Near the low, there is probably some sideways rotation along key support and a lot of price change.
SEPTEMEBER:
In early September, there is a key support level that’s highlighted a which shows a trade opportunity The September high forms near mid-September and caution is advised. Then, there is a notable drop to a trough towards the later part of September, reaching an important price level on a multi-year scale. Subsequently, there is sideways rotation near the September low in the later part of September, presenting a trade opportunity on the cusp of September.
OCTOBER:
In October, there is an important range that’s highlighted on a multi-day scale and on a one-year chart scale that is probably a prominent peak. There is an attempt to establish support near the October high. Then, there is a lot of price change taking us into the October low, which is a significant trade opportunity, taking a short mid month and closing at the end of the October. A period of volatility in late October ends with a fast move higher, taking us to a peak. This peak may take place in early November
NOVEMBER:
In early November, there might be a peak right there on the cusp of October-November. Either that or in early November, we sell off pretty notably from the November high. A trough towards the end of November forms when we poke through the same trend line three times or the same resistance line three times and then break down pretty notably from that third poke. A period of side rotation ends with a fast move higher, and then the November high forms when we have a rally along a diagonal trend line that ends with a fast move higher. A breakdown through that diagonal trend line with increasing volatility on the way down occurs. Both a prominent peak and a prominent trough in November are within close time proximity to other prominent peaks for the year on the cusp of November.
DECEMBER:
In early December, there’s a brief peak that can easily be missed. Be advised ot to chase a rally into a peak in early December because there’s a decline from that brief peak through multiple support levels on a multi-day scale, taking us to an important support level on a multi-year scale as the December low. The December high forms when we successfully turn resistance into new support that doesn’t hold for long. The later part of December sees a decline through multiple support levels that start a year all overbought, crest, or peak.