Crypto Contest December 16: Bitmark
Bitmark has broken the wedge pattern in the four-hour chart.
(Chart courtesy of Tradingview.com)
In Elliott Wave terms, Bitmark has completed five waves from the May 18 low. The five wave advance ended on the September 24, and the three wave correction finished on the December 4. Assuming that this wave count is correct, Bitmark should be heading next towards the September 24 peak.
(Chart courtesy of Tradingview.com)
In the weekly chart, I believe Bitmark is in the wave three (sub-wave iii). The wave one started in January, and ended in March. The wave two correction finished on the May 18.
(Chart courtesy of Tradingview.com)
Looking at the monthly chart, Bitmark is most likely in the wave three. The wave one started in June 2015, and finished in September 2015. The wave two correction ended in January 2016.
(Chart courtesy of Tradingview.com)
Disclosure: I am/we are long Bitmark.
If you think this analysis is correct, upvote this post and upvote the comment "Bitmark will takeout the October 18 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Bitmark will drop below the December 4 low".
If you think Bitmark is in a range, upvote this post and upvote the comment "Bitmark will stay in a trading range between the December 4 low and the October 18 peak until January 12, 2017".
You can upvote the comment until 3 PM EST December 17 and you can upvote only one comment. 400% of Steem (4 X 0.254 STEEM) from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first). Only participants with a Reputation of 35 or more will qualify in the contest.
Bitmark will takeout the October 18 peak (4 voters as of 3 PM EST December 17: otisbrown, mallorcaman, anotherjoe, soundmoney).
Bitmark will drop below the December 4 low (4 voters as of 3 PM EST December 17: me-tarzan, gregory-f, twinner, fjccoin).
You won.
Bitmark will stay in a trading range between the December 4 low and the October 18 peak until January 12, 2017 (6 voters as of 3 PM EST December 17: bleujay, yefet, spinbunny, landofcrypto, cronk, cata22).
Yes I think Bitmark will stay in range.
This post has been ranked within the top 80 most undervalued posts in the first half of Dec 16. We estimate that this post is undervalued by $4.53 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Dec 16 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
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