Crypto Contest January 8: Pinkcoin
Pinkcoin has broken out of the wedge pattern in the four-hour chart.
(Chart courtesy of Tradingview.com)
In Elliott Wave terms, Pinkcoin began a five wave advance on June 18, 2016 in the daily chart. The five wave advance ended on October 11, 2016, and the three wave correction could have finished on January 4. If this wave count is correct, Pinkcoin should be heading next towards the October 11, 2016 peak.
(Chart courtesy of Tradingview.com)
Looking at the weekly chart, I believe Pinkcoin is currently in the wave three (sub-wave iii). The wave one started in December 2015, and ended in March 2016. The wave two correction finished on June 18, 2016.
(Chart courtesy of Tradingview.com)
Disclosure: I am/we are long Pinkcoin.
If you think this analysis is correct, upvote this post and upvote the comment "Pinkcoin will takeout the December 14, 2016 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Pinkcoin will drop below the January 4 low".
If you think Pinkcoin is in a range, upvote this post and upvote the comment "Pinkcoin will stay in a trading range between the January 4 low and the December 14, 2016 peak until February 5".
You can upvote the comment until 3 PM EST January 9 and you can upvote only one comment. 200% of Steem (2 X 0.163 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.
Pinkcoin will takeout the December 14, 2016 peak (10 voters as of 3 PM EST January 9: bleujay, daveks, nextgen622, majes, soundmoney, idnit, digit, jdbry, steemradio, tamersameeh).
You won.
Pinkcoin will drop below the January 4 low (7 voters as of 3 PM EST January 9: avarice, twinner, yefet, grildrig, bradenford, jahtech, viktorcapulet).
Drop below
Pinkcoin will stay in a trading range between the January 4 low and the December 14, 2016 peak until February 5 (2 voters as of 3 PM EST January 9: landofcrypto, anotherjoe).
This post has been ranked within the top 80 most undervalued posts in the first half of Jan 08. We estimate that this post is undervalued by $3.30 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Jan 08 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
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Pinkcoin will drop below.