Bitstar has broken out of the wedge pattern in the four-hour chart.
(Chart courtesy of Tradingview.com)
In Elliott Wave terms, Bitstar began a five wave advance on April 26, 2016. The wave five finished on October 14, 2016, and the three wave correction ended on January 5. If this wave count is correct, Bitstar should be heading next towards the October 14, 2016 peak.
(Chart courtesy of Tradingview.com)
Looking at the weekly chart, Bitstar started a wave one advance in December 2015. The wave one ended in March 2016, and the wave two correction finished on April 26, 2016. I believe Bitstar is currently in the wave three (sub-wave iii).
(Chart courtesy of Tradingview.com)
Zooming in the monthly chart, Bitstar began a wave one in May 2014. The wave one ended in October 2014, and the wave two correction finished in December 2015. Bitstar is currently in the wave three.
(Chart courtesy of Tradingview.com)
Disclosure: I am/we are long Bitstar.
If you think this analysis is correct, upvote this post and upvote the comment "Bitstar will takeout the November 29, 2016 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Bitstar will drop below the April 26, 2016 low".
If you think Bitstar is in a range, upvote this post and upvote the comment "Bitstar will stay in a trading range between the April 26, 2016 low and the November 29, 2016 peak until February 16".
You can upvote the comment until 3 PM EST January 20 and you can upvote only one comment. 200% of Steem (2 X 0.127 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.
