I forgot to include the below chart in the video analysis earlier posted. If this pattern of w,x,y,x,z is correct, then the rectangle pattern can be drawn. This is an upward pointing rectangle so it would portend bearish breakdown (red line). However, not until prices hit the top white line of the rectangle as marked by (Z). Since price is now hugging the bottom line, a 3 rung buy entry for a quick ride to $4,300 or so for traders makes sense.
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Do you think the now likely SegWit2x fork in November will be a catalyst for a selloff? How might bitcoin cash (BCH) trade if there's another fork?
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I don't know if the SegWit2x will be a catalyst. I do know that Elliott Waves state that a news or an event will arrive to justify the forecast. I believe BCH will be in sync with BTC.
This blog post might help:
https://steemit.com/bitcoin/@haejin/do-the-news-and-events-move-the-cryptocurrency-market-you-ll-be-surprised
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Hi Haejin - do you think it will still go to 2200? Could Wave V still have started?
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Yes, everyday this rally stalls, the $2000 looks more probable.
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It just broke the lower trend line at X. Sir, What do you see now?
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we need to know
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I believe that if Bitcoin fails to make higher highs very soon, the correction will resume.
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LOL needs to start already cuz this is getting boring ROFL. I think the same volume is shrinking everyday. ETH volume is so low everywhere. If that continues I think we are about to resume correction and it might not be over. China might have actually interrupted the rythm of original correction.
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