Crypto Contest April 2: Bitcoin
Bitcoin (Bitstamp: BTCUSD) has broken out of the triangle pattern in the weekly chart.
(Chart courtesy of Tradingview.com (log scale))
Elliott Wave Analysis
In Elliott Wave terms, Bitcoin began a wave one advance in January 2015. The red wave one finished in June 2016, and the red wave two correction ended in August 2016. The red wave three advance finished in December 2017, and the red wave four correction ended in December 2018. If this wave count is correct, Bitcoin should be heading next towards the December 2017 peak in the red wave five.
(Chart courtesy of Tradingview.com (log scale))
Zooming out in the monthly chart, I believe Bitcoin is currently in the red wave three (blue sub-wave v).
(Chart courtesy of Tradingview.com (log scale))
Funnymentals
Cryptobud just covered some of the reasons why Bitcoin exploded.
(Sources: Bitcoin and YouTube)
If you think this analysis is correct, upvote this post (min $0.01) and upvote the comment (min $0.01) "Bitcoin will takeout the November 2018 peak".
If you think this analysis is wrong, upvote this post (min $0.01) and upvote the comment (min $0.01) "Bitcoin will drop below the December 2018 low".
If you think Bitcoin is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "Bitcoin will stay in a trading range between the December 2018 low and the November 2018 peak until May 7".
(Chart courtesy of Tradingview.com (log scale))
You can upvote the comment until 3 PM EST April 5 and you can upvote only one comment. 50% of liquid STEEM + 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 1
I will be sending one Trophy Token (@trophy-token) or one Steem Monsters (@steemmonsters) card 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.
Bonus 2
Upvote the right comment and the main post with at least $0.10 and you will get 3 x the winning prize.
Bitcoin will takeout the November 2018 peak (16 voters as of 3 PM EST April 5: bleujay, bentleycapital, freiheit50, abh12345, steemit.nemesis, mellofello, reconnectnature, kunschj, crokkon, ace108, hhayweaver, trincowski, galasek, simonjay, richard78624, novus-locus).
So, you're assuming the 20K mark was the top of wave 3 and not of a wave 5... Can you explain the logic behind that line of thought?
Same as Ethereum..
Bitcoin will stay in a trading range between the December 2018 low and the November 2018 peak until May 7 (15 voters as of 3 PM EST April 5: diana.feuerberg, gregory-f, skepticology, soundmoney, vicspics, toofasteddie, steem-d-anlovnit, mitrado, fullcoverbetting, diogosantos, jznsamuel, mgood, erikaflynn, moeenali, costanza).
You won. Paid out from @maarnio1
Bitcoin will drop below the December 2018 low (3 voters as of 3 PM EST April 5: sqlinsix, barbadosso, sporttr).
Mooooooooooooooooooooooooooooooooooooooooooooooon!
A very interesting move!
Thanks for resteeming.
My pleasure, thanks for the support for the past two years :D
Yep. Finally!
Welcome back Bitcoin!
Long time no see :D
2018 or 2019?
2018
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