Crypto Contest March 12: Monaco

Monaco (MCOUSD) 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, Monaco began a wave one advance on November 2, 2017. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on January 7 this year, and the red wave two (blue sub-waves a-b-c) correction ended on February 6. If this wave count is correct, Monaco should be heading next towards the January 7 peak in the red wave three.

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

Looking at the weekly chart, I believe Monaco is currently in the red wave three (blue sub-wave iii). The red wave three began on November 2, 2017.

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

Funnymentals

With Monaco you can spend anywhere, without fees (Monaco Visa card and mobile app). Kris Marszalek, CEO of Monaco Card, appeared at CNBC's Squawk Box (Asia) on January 7. Here is the video.

(Sources: https://www.mona.co/ and YouTube)

If you think this analysis is correct, upvote this post (min $0.01) and upvote the comment (min $0.01) "Monaco will takeout the January 7 peak".

If you think this analysis is wrong, upvote this post (min $0.01) and upvote the comment (min $0.01) "Monaco will drop below the November 2, 2017 low".

If you think Monaco is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "Monaco will stay in a trading range between the November 2, 2017 low and the January 7 peak until April 17".

You can upvote the comment until 3 PM EST March 15 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 (@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.