Crypto Contest February 17: GridCoin

GridCoin (GRCUSD) has broken out of the triangle pattern in the daily chart.

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

Elliott Wave Analysis

In Elliott Wave terms, GridCoin began a wave one advance on September 15, 2017. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on January 9 this year, and the red wave two (blue sub-waves a-b-c) correction ended on February 6. If this wave count is correct, GridCoin should be heading next towards the January 9 peak in the red wave three.

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

Looking at the weekly chart, I believe GridCoin is currently in the red wave three (blue sub-wave iii). The red wave three began on September 15, 2017.

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

In the monthly chart, GridCoin is most likely in the red wave three (blue sub-wave iii). The blue sub-wave three began on September 15, 2017.

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

Funnymentals

Here is a short introduction to the coin:

Gridcoin is an open source cryptocurrency which securely rewards volunteer computing performed upon the BOINC platform in a decentralized manner on top of proof of stake.

GridCoin was also featured at Decentralized TV on February 14.

(Sources: http://www.gridcoin.us/ and YouTube)

If you think this analysis is correct, upvote this post (min $0.01) and upvote the comment (min $0.01) "GridCoin will takeout the January 9 peak".

If you think this analysis is wrong, upvote this post (min $0.01) and upvote the comment (min $0.01) "GridCoin will drop below the September 15, 2017 low".

If you think GridCoin is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "GridCoin will stay in a trading range between the September 15, 2017 low and the January 9 peak until March 20".

You can upvote the comment until 3 PM EST February 18 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.