Will the 2024 Yearly Open Be The Bottom at $$38,000 - 42,000?
Historically, #Bitcoin loves to resest the yearly open levels.
These can be bearish retests or bullish retests, but they've all been retested except the most recent two.
Since 2017, the yearly open has been retested every year except 2023 and 2024.
In 2019, price did a bearish retest of the 2018 yearly open within $100 before the covid crash.
Even the 2019 yearly open at $3850 was retested during the 2020 Covid Crash.
The 2020 yearly open was retested within the first 3 months of 2020.
The 2021 Yearly Open was retested and gave us our bottom before the run up to the $69,000 top before the FTX collapse.
The 2022 Yearly open was a bearish retest similar to 2018 before the lows around $16,500. Similar to the 2021 yearly open retest giving us our bottom, this gave us our local top.
Here is where it gets interesting. The 2023 and 2024 yearly opens have not been retested yet.
The quetion is, do we form a bottom at the 2024 yearly open before more all time highs or do we capitulation all the way down to the 2023 yearly open at $16,500 like we did in 2019.
We have the .618 as well as the weekly 200EMA/MA ribbon around the 2024 Yearly open at 38k-42k. This give us a higher probability that we will form a bottom around that region and the 2023 yearly open may act like the 2017 yearly open and never get retested.
Either way, I think this give us a high likeliehood target based on historical precedence for where we may find a local bottom.
Let me know what you guys think and if you liked this kind of analysis, drop a like on the chart.
These can be bearish retests or bullish retests, but they've all been retested except the most recent two.
Since 2017, the yearly open has been retested every year except 2023 and 2024.
In 2019, price did a bearish retest of the 2018 yearly open within $100 before the covid crash.
Even the 2019 yearly open at $3850 was retested during the 2020 Covid Crash.
The 2020 yearly open was retested within the first 3 months of 2020.
The 2021 Yearly Open was retested and gave us our bottom before the run up to the $69,000 top before the FTX collapse.
The 2022 Yearly open was a bearish retest similar to 2018 before the lows around $16,500. Similar to the 2021 yearly open retest giving us our bottom, this gave us our local top.
Here is where it gets interesting. The 2023 and 2024 yearly opens have not been retested yet.
The quetion is, do we form a bottom at the 2024 yearly open before more all time highs or do we capitulation all the way down to the 2023 yearly open at $16,500 like we did in 2019.
We have the .618 as well as the weekly 200EMA/MA ribbon around the 2024 Yearly open at 38k-42k. This give us a higher probability that we will form a bottom around that region and the 2023 yearly open may act like the 2017 yearly open and never get retested.
Either way, I think this give us a high likeliehood target based on historical precedence for where we may find a local bottom.
Let me know what you guys think and if you liked this kind of analysis, drop a like on the chart.
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