Crypto Contest December 13: Steem
Steem has broken out of the wedge pattern in the four-hour chart.
(Chart courtesy of Tradingview.com)
In Elliott Wave terms, I believe Steem has completed or is close to complete one cycle from the November 17 low. The five wave advance finished on the December 6, and the three wave correction is currently making the finishing touches. If this wave count is correct, Steem should be heading next towards the December 6 peak.
(Chart courtesy of Tradingview.com)
Zooming out in the four-hour chart, Steem is most likely in the wave three (sub-wave iii). The wave one started on the November 3, and finished on the November 5. The wave two correction ended on the November 17.
(Chart courtesy of Tradingview.com)
Disclosure: I am/we are long Steem.
If you think this analysis is correct, upvote this post and upvote the comment "Steem will takeout the December 6 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Steem will drop below the November 17 low".
If you think Steem is in a range, upvote this post and upvote the comment "Steem will stay in a trading range between the November 17 low and the December 6 peak until January 10, 2017".
You can upvote the comment until 3 PM EST December 14 and you can upvote only one comment. 400% of Steem (4 X 0.189 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.
Steem will stay in a trading range between the November 17 low and the December 6 peak until January 10, 2017 (9 voters as of 3 PM EST December 14: helikopterben, mallorcaman, gregory-f, spinbunny, aidancloquell, landofcrypto, freebornangel, bradenford, estibuil).
You won.
Steem will takeout the December 6 peak (3 voters as of 3 PM EST December 14: otisbrown, yefet, soundmoney).
Steem will drop below the November 17 low (17 voters as of 3 PM EST December 14: me-tarzan, bleujay, twinner, anotherjoe, inertia, majes, fortinbuff, idnit, jdbry, digit, escapeamericanow, idnit1, mrfoot, enchanting, cherished, the-architect, mistere).
This post has been ranked within the top 50 most undervalued posts in the first half of Dec 13. We estimate that this post is undervalued by $7.83 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Dec 13 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
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