Crypto Contest August 29: SpankChain

SpankChain (SPKETH) 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, SpankChain began a wave one advance on February 2. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on April 13, and the red wave two (blue sub-waves a-b-c) correction ended on July 26. If this wave count is correct, SpankChain should be heading next towards the April 13 peak in the red wave three.

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

For longer term charts, we have to take a look at CoinMarketCap. The red wave one began in November 2017.

(Chart courtesy of Coinmarketcap.com)

Funnymentals

SpankChain is a blockchain based economic and technological infrastructure built for the adult entertainment industry. You can view their latest AMA from August below.

(Sources: https://spankchain.com/ and YouTube)

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

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

If you think SpankChain is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "SpankChain will stay in a trading range between the February low and the April peak until October 3".

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

You can upvote the comment until 3 PM EST September 1 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

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Bonus 2

Upvote the right comment and the main post with at least $0.10 and you will get 3 x the winning prize.