Crypto Contest January 11: Binance

Binance (BNBUSDT) has broken out of the triangle pattern in the four-hour chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, Binance began a wave one advance on December 30, 2017. The red wave one finished on December 31, 2017, and the red wave two correction ended on January 1 this year. The red wave three (blue sub-waves i-ii-iii-iv-v) advance finished on January 6, and the red wave four (blue sub-waves a-b-c) correction ended on January 11. If this wave count is correct, Binance should be heading next towards the January 6 peak in the red wave five.

(Chart courtesy of Tradingview.com (log scale))

Looking at the daily chart, I believe Binance is currently in the red wave three (blue sub-wave i). The red wave three began on December 30, 2017.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

Binance is a cryptocurrency exchange. Here is a 7 minute review of the exchange by Austin's Crypto Playhouse published on January 10.

(Sources: https://www.binance.com/ and YouTube)

If you think this analysis is correct, upvote this post and upvote the comment "Binance will takeout the January 6 peak".

If you think this analysis is wrong, upvote this post and upvote the comment "Binance will drop below the January 1 low".

If you think Binance is in a range, upvote this post and upvote the comment "Binance will stay in a trading range between the January 1 low and the January 6 peak until February 11".

You can upvote the comment until 5:40 AM EST January 12 and you can upvote only one comment. 50% of SBD from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first).

Bonus

I will be sending one Trophy Token to everyone who manages to get these crypto contests right seven times in a row. If/when you accomplish this, please contact me at Steemit Chat with your BitShares address.