Crypto Contest December 28: Steem

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 30. The red wave one finished on December 8, and the red wave two correction ended on December 10. The red wave three (blue sub-waves i-ii-iii-iv-v) advance finished on December 21, and the red wave four correction ended on December 22. If this wave count is correct, Steem should be heading next towards the December 21 peak in the red wave five.

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

In the line chart, one can see that there is no overlapping between red waves one and four.

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

Looking at the daily chart, Steem is most likely in the red wave three (blue sub-wave v). The red wave three began on November 30.

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

Zooming out in the daily chart, I believe Steem is currently in the red wave three (blue sub-wave iii).

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

Looking at the weekly chart, I think Steem is currently in the red wave three (blue sub-wave iii).

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

Funnymentals

Steem is a blockchain-based rewards platform for publishers to monetize content and grow community. Here is the original Steem promo video.

(Source: https://steem.io/)

If you think this analysis is correct, upvote this post and upvote the comment "Steem will takeout the December 21 peak".

If you think this analysis is wrong, upvote this post and upvote the comment "Steem will drop below the December 10 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 December 10 low and the December 21 peak until January 28, 2018".

You can upvote the comment until 3 PM EST December 29 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.