Crypto Industry News:
In an interview with local media, Javier Argueta, attorney-at-law of the Presidential House of El Salvador, explained the obligations of companies on the day before the entry into force of the law recognizing Bitcoin as legal tender.
The legal counsel of the President of El Salvador has stated that companies are required to accept Bitcoin from customers - but they can choose whether to receive BTC or US dollars after the transaction is settled.
According to a rough translation, Argueta stressed that companies must "have an electronic wallet" to receive Bitcoin, however "in a transaction [...] you have the will to receive Bitcoin or dollars, therefore it is voluntary."
The official added that companies that refuse to accept BTC will act in violation of local laws. ElSalvador.com tweet states:
"According to Argueta, all companies are required to make a transaction in Bitcoin, and despite the fact that neither the law nor regulations clearly specify it, if the company does not accept it, it is at risk of violating the Consumer Protection Act," we read.
The government Chivo wallet allows users to process transfers in both BTC and US dollars. The wallet is maintained in partnership with the Mexican crypto exchange Bitso, which works with the cryptocurrency-friendly California-based bank Silvergate to facilitate USD-denominated transactions.
Technical Market Outlook
The ETH/USD pair has bounced from the level of $3,026 to the level of $3,552. Currently, the price is hovering around this level, but the momentum is negative and weak, so another wave down should be expected. Please notice, that the long-term trend line support around the level of $3,150 was violated as well, which is not a good sign for the nearest future. The local technical support levels are: $3,337, $3,274, $3,185 and $3,122. The resistance is seen at $3,596 and $3,830. The key technical support is still located at the level of $2,945.
Weekly Pivot Points:
WR3 - $5,271
WR2 - $4,663
WR1 - $4,404
Weekly Pivot - $3,750
WS1 - $3,518
WS2 - $2,851
WS3 - $2,607
Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.