Crypto Contest January 6: Counterparty
Counterparty has broken out of the four-hour wedge pattern.
(Chart courtesy of Tradingview.com)
In Elliott Wave terms, I believe Counterparty is currently in the wave three in the four-hour chart. The wave one (sub-waves i-v) started on December 27, 2016, and finished on December 29, 2016. The wave two (sub-waves abc) correction ended on January 2. If this wave count is correct, Counterparty should be heading next towards the December 29, 2016 peak.
(Chart courtesy of Tradingview.com)
Looking at the daily chart, Counterparty started a five wave advance on December 29, 2015. The five wave advance ended on September 21, 2016, and the three wave correction finished on December 27, 2016. If this wave count is correct, Counterparty should be heading next towards the September 21, 2016 peak.
(Chart courtesy of Tradingview.com)
Disclosure: I am/we are long Counterparty.
If you think this analysis is correct, upvote this post and upvote the comment "Counterparty will takeout the December 21, 2016 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Counterparty will drop below the December 27, 2016 low".
If you think Counterparty is in a range, upvote this post and upvote the comment "Counterparty will stay in a trading range between the December 27, 2016 low and the December 21, 2016 peak until February 3".
You can upvote the comment until 3 PM EST January 7 and you can upvote only one comment. 200% of Steem (2 X 0.154 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.
Counterparty will takeout the December 21, 2016 peak (6 voters as of 3 PM EST January 7: otisbrown, bleujay, yefet, anotherjoe, grildrig, soundmoney).
You won.
Counterparty will drop below the December 27, 2016 low (4 voters as of 3 PM EST January 7: gutzofter, gregory-f, twinner, landofcrypto).
Counterparty will stay in a trading range between the December 27, 2016 low and the December 21, 2016 peak until February 3 (2 voters as of 3 PM EST January 7: spinbunny, bradenford).
Can such a low volume coin be expected to behave in a predictable manner though? The volume of trade makes it highly susceptible to market manipulation. Maybe I should vote one way and then buy a few coins to manipulate the price. LOL. It probably wouldn't cost too much.
There are some spikes that you can't find in bitcoin chart.
Thank you for posting @maarnio. This is going to get interesting...what do you think? Not just for counterparty but for most cryptocurrencies.
Appreciate the winning rewards. Thank you.
Thank you bleujay. I believe 2017 will be a very good year for cryptocurrencies in general. I think that during the first half of the year altcoins could outperform bitcoin.
Good points in this article. I was about to post a similair thread. The future is in blockchain. The issues is that people don't seem to care about the Trustworthiness of the current cryptos. This also happened in the internet boom. Do you know this interesting site? https://www.coincheckup.com. Every single coin can be analysed here based on: the team, the product, advisors, community, the business and the business model and much more. Check: https://www.coincheckup.com/coins/Counterparty#analysis For a complete Counterparty Indepth analysis