Crypto Contest August 11: Bytecoin

Bytecoin (BCNXMR) 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, Bytecoin began a wave one advance on March 3. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on May 8, and the red wave two (blue sub-waves a-b-c) correction ended on July 23. If this wave count is correct, Bytecoin should be heading next towards the May 8 peak in the red wave three.

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

Looking at the weekly chart, I believe Bytecoin is currently in the red wave three (blue sub-wave iii). The red wave three began on March 3.

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

Funnymentals

Bytecoin is one of the privacy coins. Cryptocurrency News gave his take on the coin on August 7.

(Sources: https://bytecoin.org/ and YouTube)

If you think this analysis is correct, upvote this post (min $0.01) and upvote the comment (min $0.01) "Bytecoin will takeout the May 8 peak".

If you think this analysis is wrong, upvote this post (min $0.01) and upvote the comment (min $0.01) "Bytecoin will drop below the March 3 low".

If you think Bytecoin is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "Bytecoin will stay in a trading range between the March 3 low and the May 8 peak until September 15".

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

You can upvote the comment until 3 PM EST August 14 and you can upvote only one comment. 50% of liquid STEEM + 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.