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.
