The Bitcoin (BTC) has been trading sideways at the price of $8.226. A principal regulator in the Philippines has announced: "The direction is for us to consider this so-called virtual currencies offerings as possible securities in which case we will apply the Securities Regulation Code," the country's Commissioner, Emilio Aquino, of its Securities and Exchange Commission (PhSEC), signaled on 21 November. The movement towards proper legalization comes after much consideration and monitoring, along with consultation with its central bank. Technical picture looks bullish.

Trading recommendations:

According to the 15M time frame, I found that price is trading above the pivot level ($8.079), which is a sign that buyers are in control. I also found oversold stochastic, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $8.396 (pivot resistance 1) and at the price of $8.660 (pivot resistance 2).

Support/Resistance

$8.079 – Pivot level

$8.396 – Pivot resistance 1

$8.660 – Pivot resistance 2

$7.814 – Pivot support 1

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