Daily market review for 24.07.2018

2018-07-24 11:46:24

In Costa Rica, employees can receive part of their salary in cryptocurrency, and this does not contradict local legislation, some provisions of which allow companies to pay their employees wages not only in cash but also in goods. Legal experts believe that cryptocurrencies can fit in with this category.

In addition, the laws of Costa Rica provide for the use of generally accepted assets as a means of payment. The state is also developing the concept of so-called “quasi money” or any asset that can be used as a payment instrument and is recognized by the public.

“This trend stands a good chance to consolidate its position in the country, but this method of payment will not replace traditional or liquid money,” Rolando Perlaza, representative of the Central American Law Firm Nassar Abogados, said.

In October 2017, the Central Bank of Costa Rica (CBCR) published a document that says that cryptocurrency is outside the national banking system. Implementation of any commercial operations with them is allowed in “limited options”, and those who use them independently bear financial risks and must understand the extent of responsibility.

Perlaza stressed that in this regard, employees of companies will independently decide whether to accept these currencies as a salary. He also said that in any case they are protected by article 166 of the Labor Code of Costa Rica.

Now, let's move to the technical analysis of Bitcoin (BTC):

Yesterday, bitcoin started the day with a smooth growth and toward the evening, the growth turned into a strong impulse. As a result, bitcoin was able to come close to the $8,000 mark. This is a very strong psychological level. In the future, we expect a downward correction to the level of $7,760. The nearest resistance level is $8,600. The nearest support level is $7,760.

Technical analysis of Ethereum (ETH):

Ethereum realized our yesterday's forecast in full, going down to the support level of $440. Then, it turned and started to grow with a powerful impulse. The result of this growth led ethereum to the same level of $460, from which it began its downward correction. Now, the “double bottom” pattern has formed on the hour-long candles, which gives us the right to expect further upward movement to the level of $500, provided that the price is fixed above $465. The nearest support level is at $450.

Technical analysis of Ripple (XRP):

Ripple also fulfilled our yesterday's forecast, correcting to the level of $0.42. After that, it turned and started to grow with a powerful impulse, reaching the mark of $0.45. Now, the “double bottom” pattern is formed on the chart, which gives us the right to expect further upward movement to the level of $0.50. This is possible only if the price is confidently fixed above the level of $0.45. The nearest support level is at $0.43.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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