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​BTC/USD Bullish Pennant Hints for a Breakout

Oktober 09, 2018 11:59

BTCUSD Chart - Technical Analysis

Source: BTC/USD Admiral Markets MT5 with MT5SE Add-on - Accessed: 09.10.2018 01:13 AM

BTCUSD Chart - Technical Analysis

Source: BTC/USD Admiral Markets MT5 with MT5SE Add-on - Accessed: 09.10.2018 01:13 AM

The BTC/USD Cryptocurrency pair has formed a bullish pennant pattern just above the PP point and close to the R1 resistance. It means that we might expect a potential breakout of the R1 pivot towards R2 and R3. Tomorrow, we might see a slower day as there are no major USD data news updates on the schedule. Don't forget to follow our Forex calendar for all regular updates on the news,economic announcements, forecasts and much more.

Technically, the BTC/USD crypto currency pair might exhibit a higher volatility, if the price closes above the upper trend line of this emerging pattern. A close above 6636 should target 6752 and 6888. If we compare higher highs and higher lows of the bullish pennant, we can easily see a constricting price action that might explode. Only a close below the S1 pivot might give bears additional momentum for a further drop. Always pay attention to price action before you start making new entries, as consolidation usually precedes breakouts.

Pivot Lines - Weekly Support and Resistance

POC - POC - Point Of Confluence (The zone where we expect the price to react - aka the entry zone)

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

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