Source: BTC/USD Admiral Markets MT5 with MT5 – Accessed: 09.10.2018 01:13 AM

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. 

Technically, the BTC/USD cryptocurrency 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)