Crypto Contest June 8: VeriCoin
VeriCoin has broken out of the triangle pattern in the four-hour chart.
(Chart courtesy of Tradingview.com)
In Elliott Wave terms, VeriCoin began a wave one advance on January 4. The wave one (sub-waves i-v) finished on May 26, and the wave two correction ended on May 27. If this wave count is correct, VeriCoin should be heading next towards the May 26 peak in the wave three.
(Chart courtesy of Tradingview.com)
Looking at the weekly chart, I believe VeriCoin is currently in the wave three (sub-wave iii).
(Chart courtesy of Tradingview.com)
If you think this analysis is correct, upvote this post and upvote the comment "VeriCoin will takeout the May 26 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "VeriCoin will drop below the January 4 low".
If you think VeriCoin is in a range, upvote this post and upvote the comment "VeriCoin will stay in a trading range between the January 4 low and the May 26 peak until July 8".
You can upvote the comment until 3 PM EST June 9 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). Only participants with a Reputation of 35 or more will qualify in the contest.
VeriCoin will takeout the May 26 peak (19 voters as of 3 PM EST June 9: bleujay, otisbrown, gregory-f, yefet, simonjay, kooshikoo, alexrickard86, soundmoney, ikilledcobain (did not vote the main post), abh12345, jznsamuel, starline, eirik, skririm, migo25, damla, timoshey, dirty.hera, ragnaros).
You won.
VeriCoin will stay in a trading range between the January 4 low and the May 26 peak until July 8 (7 voters as of 3 PM EST June 9: me-tarzan, twinner, razorwave8, allyouneedtoknow, avarice, coolthings, andy23).
VeriCoin will drop below the January 4 low (3 voters as of 3 PM EST June 9: spinbunny, mirda, lig007).
Thanks again for the fun game.
Thanks lig. You are expecting a big drop?
I guess you could call me a cryptocurrency bear in general, which is against the tide here. But, I don't know anything about economics, so this is just gut feeling, which can change over time.