Crypto Contest December 26: Bitcoin

Bitcoin (BTCUSD) 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, Bitcoin began a wave one advance on July 16. The red wave one finished on September 2, and the red wave two correction ended on September 15. The red wave three (blue sub-waves i-ii-iii-iv-v) advance finished on December 17, and the red wave four correction ended on December 22. If this wave count is correct, Bitcoin should be heading next towards the December 17 peak in the red wave five.

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

Looking at the weekly chart, I believe Bitcoin is currently in the red wave three (blue sub-wave v). The red wave three began on July 16.

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

In the monthly chart, Bitcoin is most likely in the wave three.

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

Funnymentals

Bitcoin is a payment network and a new kind of money. Here is the official Bitcoin introduction video.

(Source: https://bitcoin.org/en/)

If you think this analysis is correct, upvote this post and upvote the comment "Bitcoin will takeout the December 17 peak".

If you think this analysis is wrong, upvote this post and upvote the comment "Bitcoin will drop below the December 22 low".

If you think Bitcoin is in a range, upvote this post and upvote the comment "Bitcoin will stay in a trading range between the December 22 low and the December 17 peak until January 26, 2018".

You can upvote the comment until 3 PM EST December 27 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.