Crypto Contest May 6: COVA

COVA (Huobi: COVABTC) 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, COVA began a wave one (leading diagonal) advance on March 1. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on April 17, and the red wave two (blue sub-waves a-b-c) correction ended on May 4. If this wave count is correct, COVA should be heading next towards the April 17 peak in the red wave three.

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

Funnymentals

COVA protocol is a new addition to the internet protocol suite that creates a web of secure

About the author: Markus Aarnio

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