BREAKING: Segwit2x Cancelled + What It Means For BTC & Altcoins

BREAKING: Segwit2x Cancelled + What It Means For BTC & Altcoins



hey what's going on if we want Matthew from the right trader calm here back today with another cryptocurrency video I have some breaking news for you all it is that segment 2x the Bitcoin harm Fork is in fact cancelled now this is obviously you know it seems almost like a bit of a joke but it is in fact canceled the team behind segment 2 X released a statement today and the timing isn't great because you know I've made two videos sort of explaining what I thought would happen after the Bitcoin hard fork one video for you know what would happen for Bitcoin in one video for alt coins and I will be updating you on all of that in this video but what I said in those videos isn't completely irrelevant now you know there there definitely is some truth to it we're already seeing a lot of the al Cowen's balance and bitcoin is actually reacting pretty positively to the announcement I'm not gonna read you the whole message but I will link leave a link to this in the comment section below basically the team said that there they felt that there wasn't enough right here unfortunately it is clear that we have not built sufficient consensus for a clean block size upgrade at this time and they basically say that you know down the line if the time is right they may revisit the Segway 2x hard fork but for now you know they're gonna call that off and they don't want to split the community that wasn't their goal so they just felt that they should not move forward with the Segway to X fork and I think that that's a good thing it obviously avoids a lot of drama not only promise you know it's just not very it's not you know very professional for the cryptocurrency community all this going back and forth and all these hard fork dramas it's not the best thing but in the short term here it's it's definitely positive and to give you guys a little bit of an update on what this means for the alt coins and Bitcoin now let me go over and I should mention that if we take a look at the coin mates chart here just for I'll go into more detail technical analysis in just a second but just to give you guys a a nice little idea when the news was announced Bitcoin reacted really well and got a massive spike here up to you as you see around 7800 now I did fall back from that so it did get an initial spike and I think this might be a little bit of a short-term top it's kind of hard to tell right now because there's still a lot of strength in Bitcoin but in my opinion I would be inclined to say that this is indeed a short-term top and now you will still get a bit of a pullback but it might be less drastic than if the Bitcoin fork were to actually happen so if you haven't purchased cryptocurrencies yet by the way go check out coinbase they're not a sponsor I just use them myself and have a referral link in the description you can get $10 free when you sign up so let me just update you on the Bitcoin chart here for some technical analysis that are already drawn and basically let's see I think this was a I had drawn this on another exchange because yeah so as you can see here we have a couple different trend lines that that are currently you know still standing and uptrends of course now as you can see this was a massive upper wick candle right and this means that despite the price obviously spiked up but it wasn't able to hold right buyers weren't able to sustain these higher levels and it's already pretty overextended Bitcoin is definitely overextended over here so I do think that we will see a bit of a drop in the short term despite that the fact despite the fact that the fork isn't actually gonna happen now it will probably be a little bit less big of a drop I kind of see it going to you know maybe this first or second trendline probably a nice level to bounce off of would be sort of this you know 6100 level right over here about six thousand two hundred to six thousand that would be a pretty good level to bounce off of this would be sort of the highs over here which was before this big run-up which was kind of overextended and it would bounce nicely off the support line so that would make sense of course it's gonna get some support off this trendline over here and the brown line the middle bin currently sitting at 6400 so that's something to be aware of you know the indicators are still looking pretty good of course because it had a spike so they're not really indicating too much bearish movement for now the histogram is moving downwards though is it possible that we see Bitcoin fall back down to 5,000 in my opinion it definitely is right I think that it's an important level to revisit it just makes sense you know like when we broke about 3000 we actually did come back in the end and and test that again we've bounced off that so it would make sense to come back and test about 5,000 but obviously there's still a lot of strength now in Bitcoin and there'll be less much less of a massive drop so you know we may we may revisit 5,000 down the line right now I would be inclined to say that there should be a bit more strength than expected and there will be a pullback but just not as strong as if there were the actual Segway to X fork so that's just my opinion but do be aware that it could definitely go back to 5,000 that's fully possible and logical it's just that there might not be as much weakness to actually bring it all the way down there so I would say I would like a bounce off the 6,000 level of pullback there would be healthy and otherwise it does seem like Bitcoin will continue its uptrend relatively well here and yeah basically make keep moving towards towards 10,000 slowly but surely as for the alt coins now I'm not gonna go into as much as a detailed technical analysis for those but you know a lot of them already seen it bounce especially the ones that I called out you know neo doing really good here I owed it up big risk up big and the list goes on and on arc is doing really well vert coin this one still taking off we'll see if it gets back in and starts running but it's looking good right now and I mean as you can see there's definitely some that are reacting really well to the news right Zee coin that's another one that I called out so if you want to hear the Crypt the top 10 crypto currencies that I like for a rebound after all this drama you can still watch my video that I made on that yesterday and you know the general move upwards is is still accurate now of course the move upwards for for certain ones like vert myclone for example you know basically I think that the Al Capone's will get continuing moving upwards and there are hissing an afib Enif it from this cancellation but the the move upwards might be a little bit less drastic than if there was the the segue to X fork which is honestly probably a good thing and I'm still very bullish on the ones that you know my main ones that I mentioned the video like coin Monero Liske stuff like that so I think that they're just gonna have a slow and steady increase here and and definitely everything that I said in that video as far as technicals go is still accurate just a little bit more of a slow and steady increase instead of a you know a massive jump after the the fork right so bottom line segment fork is canceled probably a bit of a pullback in the near future for Bitcoin and alt coins will most likely recover to their previous highs at least the better ones following this news slowly but steadily I think I appreciate you watching this video if you enjoyed it please make sure to leave a like and subscribe let me know your thoughts on all of this and I thank you for watching have a great day

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About the Author: Maximilian Kuhn

15 Comments

  1. Full Announcement message of cancellation can be found here: https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html
    Also Make Sure To Check Out My TOP 10 ALTCOINS POST FORK HERE: https://www.youtube.com/watch?v=bny9f_XFyz4&t=25s

  2. Man this fork was a learning lesson for me. Thought altcoins were gona sell off before the fork. Didn't lose everything but I lost enough to never do that shit again.

  3. Unfortunately too the majority of coins may be up in dollars in btc they are still down minus a few like lisk.

  4. In my opinion I think btc will continue to go up because of the lack of uncertainty with the hardfork has been lifted. 82-8400 should be the next target.

  5. So you reckon it will dip in the upcoming days? I sold mine today at 6600 Euro's waiting for east side to wake up and buy in the dip

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  7. Now that the fork is cancelled, would you put more weight towards your alt coins for 2018 video vs the post fork video from last night? They're pretty similar but slight differences

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