Crypto Contest May 5: Presearch

Presearch (HitBTC: PREBTC) 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, Presearch began a wave one advance on February 17. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on March 12, and the red wave two (blue sub-waves a-b-c) correction ended on May 3. If this wave count is correct, Presearch should be heading next towards the March 12 peak in the red wave three.

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

Funnymentals

Presearch is a decentralized search engine. You can view their intro video below.

(Sources: Presearch and YouTube)

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About the author: Markus Aarnio

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