Market review, January 10, 2020

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2020-01-10 16:02:24

The US state of Illinois has become another US entity that recognizes the legal validity of smart contracts and blockchain entries.

The state’s “Blockchain Technology Act” took effect on January 1, opening a slew of potential new legal scenarios for blockchain-based contracts. These contracts can now be used as evidence in court, as well as being recognized as an alternative to paper documents and are legally exempted from local taxation.

A smart contract, record or signature may not be denied legal effect or enforceability solely because a blockchain was used to create, store or verify the smart contract, record or signature,” the law says.

In addition to recognizing the validity of blockchain entries, the law also protects the industry from local government interference. It means that cities cannot impose taxes and introduce regulation, or require licensing for blockchain-based systems or companies that use them.

Technical analysis of Bitcoin (BTC):

Over the past day, the price of bitcoin grew to the resistance level of $8,000, then it fell to the support level of $7,670. Now, the price of bitcoin is $7,820. We expect a technical rebound with a subsequent drop in price. The nearest resistance levels are $7,670, $7,820, $7,900, $8,000, $8,140. The nearest support levels are $7,640, $7,500.

Technical analysis of Ethereum (ETH):

Over the past day, the price of ethereum fell to the support level of $135. Then it reached the resistance level of $138. Now, the price of ethereum is $138. We expect the continuation of price growth, followed by a fall. The nearest resistance levels are $137, $139, $141, $143, $145, $146, $147, $150. The nearest support levels are $135, $134.

Technical analysis of Ripple (XRP):

Over the past day, the price of ripple dropped to the support level of $0.1980. Then it reached the resistance level of $0.2050. Now, the price of ripple is $0.2050. We expect the continuation of the price growth with a subsequent fall. The nearest resistance levels are $0.2040, $0.21, $0.2130. The nearest support levels are $0.2020, $0.20, $0.1980.

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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