Bitcoin analysis for 26/10/2017

Bitcoin analysis for 26/10/2017:

Cointelegraph reported yesterday that the largest US digital currency stock exchange Coinbase will continue to refer to BTC as "real" Bitcoin, while SegWit2x as "B2X" will be treated equally with the altcoins. This decision triggered widespread support from the cryptocurrency community, and many claimed it was a nail in the coffin of the 2x version. However, both Coinbase and CEO Brian Armstrong have confirmed that they will in fact "call the Bitcoin chain with the most accumulated difficulty." After all, the 2x fork can gain Coinbase's support as a "true Bitcoin". The stock exchange point of view is similar to XAPO, which was one of the first companies to introduce a formal 2x position and confirmed the potential change of the 2x chain to "BTC" in case it had "more difficulty." Not surprisingly, cryptocurrency community reacted with frustration because they thought Coinbase would turn away from the fork.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is trading around the weekly pivot at the level of $5,737. The price remains inside of the dashed black channel as the corrective cycle of the wave 4 is in progress. The first downward wave that terminated at the level of $5,400 was labeled as wave (a) and now wave (b) is in progress. To complete the wave 4, at least one more wave to the downside is needed. The projected target is still at the level of $5,092.


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