Bitcoin analysis for December 13, 2017

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Bitcoin (BTC) has been trading sideways at the price of $16,960. During the first week of December, the second largest bank in the U.S., Bank of America (BOA), was awarded a cryptocurrency exchange patent. The BOA cryptocurrency trading platform's concept summary outlines three types of accounts where users and businesses can swap digital assets instantly. The technical picture looks bullish.

Trading recommendations:

According to the 30M time frame, I found a broken supply trendline, which is a sign that selling looks risky. I also found that momentum is bullish using the moving average oscillator. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $17,535 and at the price of $17,890.

Support/Resistance

$17,240 – Intraday resistance (price action)

$15,768 – Intraday support

$17,535 – First obbjective point

$17,890 – Second objective point

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