Crypto Contest August 10: Magi

Magi (XMGBTC) 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, Magi began a wave one leading diagonal advance in May 2016. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on December 28, 2017, and the red wave two (blue sub-waves a-b-c) correction ended on August 8 this year. If this wave count is correct, Magi should be heading next towards the December 28, 2017 peak in the red wave three.

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

Funnymentals

Magi is a M7M PoW/PoS-II hybrid coin. dury10 published a coin review back in January.

(Sources: https://www.m-core.org/ and YouTube)

If you think this analysis is correct, upvote this post (min $0.01) and upvote the comment (min $0.01) "Magi will takeout the April 24 peak".

If you think this analysis is wrong, upvote this post (min $0.01) and upvote the comment (min $0.01) "Magi will drop below the August 8 low".

If you think Magi is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "Magi will stay in a trading range between the August 8 low and the April 24 peak until September 14".

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

You can upvote the comment until 3 PM EST August 13 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 (@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.