Bitcoin analysis for 11/10/2017

Bitcoin analysis for 11/10/2017:

Bitcoin developer Xapo said it would not necessarily treat the BTC as "real" Bitcoin after the SegWit2x update. When discussing Bitcoin Cash, which was launched in July, Xapo CEO Wences Casares confirmed that Bitcoin would be "the most difficult chain". This move is a strong appeal to support the SegWit2x chain if it receives the majority of support, and confusion may result from the addition of users to the "BTC" service.

Bitcoin owners are still waiting for the commitment of other major portfolios or stock market developers. Coinbase is silent on this subject, and only their former engineer Charlie Lee gave an insight into what will happen when a hard fork appears on November 18.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market was so far rejected from $4,900 level, but the important support at the level of $4,618 has not been tested yet. The market conditions are now overbought, so the price might enter a corrective cycle soon. From the Elliott Wave Theory point of view, this is the last moment for the main count to confirm the price movement, otherwise, the alternative impulsive scenario will be in charge.


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