Crypto Contest August 8: Huobi Token

Huobi Token (Huobi: HTBTC) 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, Huobi Token began a wave one advance in November 2018. The red wave one (blue sub-waves i-ii-iii-iv-v) finished in April this year, and the red wave two (blue sub-waves a-b-c) correction ended in June. If this wave count is correct, Huobi Token should be heading next towards the April peak in the red wave three.

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

Looking at the weekly chart, I believe Huobi Token is currently in the red wave three (blue sub-wave iii). The red wave three began in November 2018. 

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

Funnymentals

Huobi Token is an exchange based token and native currency of the Huobi crypto exchange. You can watch their intro video below.

(Sources: Huobi Token and YouTube)

How can I vote? Where is the contest?

You can vote by following this link.

Some nice STEEM movement // Huobi STEEM/USDT listing

I busted my butt yesteday with the Dtube review for Oracle-d that turned out to be a bust since the review wasnt “professional” enough. Prolly was a bit too negative now that i think about it. haha
No matter!
Today is a new day.

For those of you that have missed it STEEM has been listed on Huobi exchange with a USDT pair. Which is always nice. Thats probably why we are seeing a pump the last day or so.

Screenshot (291).png

If id have to guess id say that the exchange might be pumping the price a bit to get some traders hooked on the token early on. Just a guess ofc.
Id love to see STEEM and 0.4$ but its anyones guess if we can sustain the price growth. Usually STEEM drops off pretty fast after a small pump.
But im not a market analyst so im not pretending to know the movement of the market. Im just going off of what ive been seeing lately. Call it anecdotal. 🙂

The best thing about this listing is that we got a Tether/Steem pair. Thats amazing news especially in a volatile bear market when you can easily move your STEEM into a stable coin and alleviate risk easily.

Will i use Huobi?

Probably not, since i find centralized exchanges for most part being in the game of extortion and borderline criminal activity. Having a net negative effect on the crypto ecosystem. I dont deny that we “need them” right now, but that doesnt mean i need to like them.

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