Crypto Contest March 25: SpaceChain

SpaceChain (Bittrex: SPCBTC) 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, SpaceChain began a wave one advance on January 14. The red wave one finished on January 30, and the red wave two correction ended on February 13. The red wave three advance finished on February 26, and the red wave four correction ended on March 22. If this wave count is correct, SpaceChain should be heading next towards the February 26 peak in the red wave five.

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

One can see the wave count even better

About the author: Markus Aarnio

I have 20 years of investing experience. I have traded stocks, commodities, cryptocurrencies, and forex markets.