Bitcoin (BTC) has been trading downwards. The price tested the level of $13,696. Deutsche Bank has issued a market briefing for 2018. The document, created by Chief International Economist Torsten Slok, lists 30 possible threats that could disrupt global markets next year. Alongside entries like "North Korea" and "Brexit", is bitcoin. Its inclusion shows the extent to which the banking sector is eyeing the revitalized digital currency. While some institutional investors see bitcoin as an opportunity, many more consider it a threat. The technical picture is bullish.
Trading recommendations:
According to the 15M time frame, I found a potential double bottom formation and a broken supply trednline, which is a sign that selling looks risky. I also found a hidden bullish divergence on the moving average oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities.
Support/Resistance
$17,120 – Intraday resistance (price action)
$16,065 – Objective 1
$17,120 – Objective 2
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