BTC/USD Medium-term forecast
2024-10-16

This is how I see the price movement for the next 10 days.

It can be argued that BTC has reached the target of the inverse head & shoulders pattern and now it is no longer valid. The top was reached just below $68,000 and the target was more or less met. Otherwise, we had it set at USD 68,300, but this is a negligible small difference.

Now that the target of this pattern has been reached, we will have to watch for other patterns that will predict either a rise or a fall.

So the recent inverse head & shoulders pattern predicted a rally for us, and that rally occurred within a significantly larger descending channel pattern that is still in effect.

A descending channel is a bullish pattern and in most cases it is a trend continuation pattern. It can also be called a bullish flag.

If we revisit it at longer intervals like  weekly, we can see that we are just below the upper trend line, where it is now trying to break through for the fourth time. The fourth attempt according to Gann is usually the most "dangerous" and in most cases indicates a breakthrough of this trend line.

On the other hand, we can see that we also tried to break the lower trend line into the fourth, but at that time the buyers successfully defended this level.

This data is very important and tells that sellers have failed and now there are greater chances of breaking the upper line than rejecting it and falling again to the lower trend line.

My personal opinion is about the breakout of this upper trend line, which is actually expected by everyone. Once we have this trend line broken, there will be euphoria in the market and after that we will quickly reach the $71,100 level, where in all likelihood there will be a bit more rejection to the $67,000 levels and a rebound from there.

A trend line is located at this price and if we have a rebound from there, its breakthrough will be confirmed.

