Crypto Contest July 11: Primecoin

Primecoin (XPMBTC) 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, Primecoin began a wave one advance on December 9, 2017. The red wave one finished on January 27 this year, and the red wave two correction ended on February 22. The red wave three advance finished on May 1, and the red wave four correction ended on June 29. If this wave count is correct, Primecoin should be heading next towards the January 27 peak in the red wave five.

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

Funnymentals

Primecoin is a proof-of-work coin based on searching for prime numbers. Exploit Run covered some of the reasons behind the latest price surge in April.

(Sources: http://primecoin.io/ and YouTube)

If you think this analysis is correct, upvote this post (min $0.01) and upvote the comment (min $0.01) "Primecoin will takeout the May 1 peak".

If you think this analysis is wrong, upvote this post (min $0.01) and upvote the comment (min $0.01) "Primecoin will drop below the February 22 low".

If you think Primecoin is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "Primecoin will stay in a trading range between the February 22 low and the May 1 peak until August 15".

You can upvote the comment until 3 PM EST July 14 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.