Bank of America Corp (NYSE:BAC) Cryptocurrency Exchange Platform?

Bank of America Corp (NYSE:BAC) Cryptocurrency Exchange Platform?

Bank of America Corp (NYSE:BAC) Cryptocurrency Exchange Platform?

  • 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.
  • On December 5 the U.S. Patent and Trademark Office (USPTO) granted the financial institution Bank of America a patent to build a cryptocurrency exchange. The patent’s summary describes three types of accounts within the platform’s system.
  • The first account is for customers to store their digital funds. The second and third accounts operated by the business are called “float accounts” which allow quick digital asset swaps from behind the scenes similar to a centralized Shapeshift concept.
  • BOA is one of the most active banks filing for blockchain and cryptocurrency-related patents over the past few years. Last summer the firm applied for over twenty patents this past August covering digital asset solutions to public and private blockchain concepts.
  • The digital asset trading platform patent was filed in 2014 during the month of June. The patent called the “cryptocurrency transformation system” is explained quite thoroughly within the summary.

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Overall, the bias in prices is: Upwards.

Short term: Prices are moving.

Intermediate term: Prices are trending.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 27.27.

The projected upper bound is: 29.90.

The projected lower bound is: 27.90.

The projected closing price is: 28.90.

BANK OF AMERICA closed down -0.480 at 28.840. Volume was 19% above average (neutral) and Bollinger Bands were 74% wider than normal.

Open        High            Low             Close            Volume
29.310      29.440        28.830        28.840        79,980,560

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period          50-period          200-period
Close:                      28.78                  27.21                   24.73
Volatility:               26                        23                        26
Volume:                 92,320,904        68,445,624        75,886,744

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary
BANK OF AMERICA is currently 16.6% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of BAC at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BAC and have had this outlook for the last 9 periods.

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 62.3824. This is not an overbought or oversold reading. The last signal was a sell 5 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 63.00. This is not a topping or bottoming area. However, the RSI just crossed below 70 from a topping formation. This is a bearish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 0 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 64. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 11 period(s) ago.

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John Heffernan

John Heffernan is a Junior Analyst at HEFFX. John is studying Economics and is a contributor on equities at Live Trading News.

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