Bitcoin analysis for 19/02/2018

While many European countries are looking for stricter rules on cryptocurrencies, Spain wants to follow Switzerland, proposing a friendly legacy for the cryptocurrency market. The People's Party of Spanish Prime Minister Mariano Rajoy is ready to take full advantage of Blockchain technology. In particular, the conservative party has tax breaks.Teodoro Garcia Egea - legislator preparing a bill - thinks that it is in the interest of a large European country to welcome Blockchain because new technology can potentially drive innovation in the fields of finance, health, and education. Garcia Egea explained: "The level of digitization for companies will be crucial. We hope the legislation will be ready this year. The People's Party plans to invite Blockchain experts to the country to testify in parliament. They are also interested in studying countries such as Switzerland, which is probably the capital of Blockchain in the world." In addition, Garcia Egea strives to make Spain a safe and friendly place to invest in cryptocurrencies, proposing the possibility of not disclosing cryptocurrency investments below a certain number, while providing an effective regulatory environment. "We want to establish the safest framework for Europe to invest in ICO." added Egea.

The cryptocurrency market regulation and legislation are unavoidable in the future and the sooner will be done the better. Spain is another example of forward thinking and opens to new technology country, which will benefit from it in the nearest future.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. There is a possibility of an impulsive wave development towards the new local highs with the target around the level of $12,030. Nevertheless, the market must first complete the wave 4 correction. The first target for wave 4 is at the level of $9.707 and then at $9,432.

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The material has been provided by InstaForex Company - www.instaforex.com