Steem (STEEMUSD) has broken out of the triangle pattern in the four-hour chart.
(Chart courtesy of Tradingview.com (log scale))
Elliott Wave Analysis
In Elliott Wave terms, Steem began a wave one advance on November 12, 2017. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on January 3 this year, and the red wave two (blue sub-waves a-b-c) correction ended on January 17. If this wave count is correct, Steem should be heading next towards the January 3 peak in the red wave three.
(Chart courtesy of Tradingview.com (log scale))
In the weekly chart, I believe Steem is currently in the red wave three (blue sub-wave iii). The red wave three began on November 12, 2017.
(Chart courtesy of Tradingview.com (log scale))
Funnymentals
Ned Scott, the creator of Steemit, will be at Blocktalk today at 6 PM EST.
(Sources: https://steemit.com/ and YouTube)
If you think this analysis is correct, upvote this post and upvote the comment "Steem will takeout the January 3 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Steem will drop below the January 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 January 17 low and the January 3 peak until February 27".
You can upvote the comment until 3 PM EST January 28 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.
Steem will takeout the January 3 peak (62 voters as of 3 PM EST January 28: steemquestions, heroic15397, eirik, allyouneedtoknow, simonjay, digitalking, lydon.sipe, anetchen, reconnectnature, positivebalances, crokkon, dirty.hera, mihail.tsvetkov, sanjay91422, toofasteddie, flemingfarm, lucasgabd, acelad, jznsamuel, mgood, catena, komischername, miniature-tiger, ahinga, dlwagner, osmanbugra, me-do, themovieplace, starline, koskl, kunschj, andy23, incrediblesnow, barbadosso, acehnature, mnur, margaritaradkova, elisablogs, cata22, sallysmith, cliffy32, diogosantos, heidelbaer, gergi6a, huasipi, amfid4846, sevendst19, utkarshvarma, angrybird, steemit-up, mcmaffel, kiagus12, anjelik, maverick0524, kanoe, vasil-danev, ilovefashion, kulate, crisbabe21, mim4min, badbeth, sharychery).
Steem will stay in a trading range between the January 17 low and the January 3 peak until February 27 (31 voters as of 3 PM EST January 28: bentleycapital, me-tarzan, glennolua, dlina-v-metrah, gregory-f, janine-ariane, wallsnow, mirda, cryptotem, cassidyandfranks, richard78624, tzap90, costanza, paul.atreides, freskil, yefet, mehta, criptorafa, skepticology, djpalaxtreme, trollo, royaleagle, cloudlynx, exfactor, papakli, liberton, sarkostas, kingslayer, ellycome, gloria224, mandiamandi).
Steem will drop below the January 17 low (20 voters as of 3 PM EST January 28: sqlinsix, coolthings, gunsmithing, ragnaros, beiker, portillo, nordina, jkatz, elice, michaelluchies, sayodele52, greatgatsby, bluewinter, janeeliza, almaalm, veganomics, jenjenjen, greengirl, sarah29, joyce99).
You won.
This is still mind-blowing that this one wasn't a popular contest even though it's native to this platform. Very peculiar.
We have some rational investors here.
All of this contest votes will be influenced by the fact that we are a part of steemit so we want STEEM to do great, and I truly believe it will takeout the peak.
Yeah, I initially thought this too. The distribution is more balanced that I expected though. Very interesting how this one turned out.
Thanks for hosting, these are fun.
Thanks Michael.
You have a good contest as well:
https://steemit.com/contest/@michaelluchies/last-chance-enter-crypto-prediction-contest-to-win-10-xrp
Thanks! And thanks for joining and sharing!
Personally i thing that Steem will stay in a trading range between the January 17 low and the January 3 peak until February 27 unless we hear some extraordinary news that will make new investors to trade STEEM.
Did you listen to the blocktalk?
👍👍👍👍👍👍
I like it.
good information, like this post, I'm also in steem.
Steem will drop below the January 17 low
Steem will takeout the January 3 peak! Definitely.
Steem will upgrade and then below the January 17 low.
I agree, Steem will takeout the January 3 peak