Storj/USDT sell ,Steemit Crypto Academy Trading Competition [TEAM FRONTLINE] - S6T4 homework post for team FRONTLINE by @alihussain07

in SteemitCryptoAcademy3 years ago

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The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.


It is basically a peer to peer network that stores things in the cloud, so storage is a decentralized file storage solution. It uses few things that uses a file sharding and encryption to make it where when you have something on its network that not one person or one node or computer owns all of your information. So storage is a blockchain based platform where people can share their drive space basically users pay other users on the network to store their files.

Storage is an ethereum based token which powers the decentralized storage network for developers. This network is called storage decentralized cloud storage (DCS). When a user upload a file to storage (DCS) pieces of each file are distributed to a global network of independent node operators when someone request the file it is then prepared securely and made available for download. This means that anyone can store files on storage DCS without having to trust a Centralized third party.

Now we will talk how it works , the user provide their disk space for getting paid storage coins l. These nodes should should download a program named drive share after they should enter the data. How much disk space and bandwidth that they would like to loan . These nodes never have the customers file copy or any piece of information, they just share the desk space and get the coin. storage breaks the uploaded data into smaller fractions and distributes among the network. Each file get split into 80 pieces and retrieving file only require 29 each of the 80 pieces.

These pieces are stored on the different node, all with different operator power supplies network and geographic so no single company or network can get access to the uploaded data.
Market capitalization is more than 500 millions. The volume of trade os 50 millions dollar a day. In a white paper published in December,2014 storj was first introduced to the world as a concept. So after two years the white paper was published. So this platform was actually launched in 2018.


Coin Market cap of Storj coin


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Available Markets


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Historical prices of Storj coin


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Why are you optimistic about this token today, and how long do you think it can rise?


Storj is unique in more ways than one . For one unlike traditional cloud storage solution that stores data in huge data centers, Storj runs on a network of thousands of independent computers. Anyone with a few terabyte space can become a node on the platform by installing tardigrade. All that is required is a strong and consistent connection. The efficiency of the network means that hosts pay far less for the storage of their data .Than when employing traditional cloud storage service.

In storj network no one can access your data. So this means that traditional storage is less secured as compared to storj which is more secure solution. Storj cost of cloud storage is cheaper than traditional cloud storage. In storj network there is IPFS which empower the distributed web. So due to these attributes I chose this token for my trading purpose.


How to analyze the token? (using the analysis knowledge learned from professors’ courses) - the most important part


Here comes the technical analysis. These are the vital part of our trading article. Our whole trading setup is almost dependent on indicators and other strategies such as support and resistance level , Fibonacci retracement tool etc.
So now I will moves towards technical analysis part by using different indicators.


Parabolic SAR


  • As I have discussed in my previous article and lessons that parabolic SAR is trend checker indicator which gives us information about the reversal of trend from bullish to bearish and bearish to bullish trend. These two trends in the market are established on the base of dots in parabolic SAR indicator.

  • When dots changes its position from upward to downward of the price chart which means that now bullish trend is in the market because dots are below the chart. When dots reverse its position from downward to upward of the price chart this means bearish trend in the market because now dots are present above the chart which means bearish trend.

  • In the given screenshot we can see that these dots are above the price chart so this means that we should go for sell short here.


Moving Average indicator


  • After that I added the Moving Average indicator on the price chart to check the trends. As just I applied the moving average indicator I saw that moving average indicator line is above the price chart which indicates that I should go for sell short according to indicator strategy.

  • Because when moving average indicator line is above the price chart this is the indication of downtrend in the market, so here is also indication to go for sell short.

  • Both indicator demonstration can be seen from below screenshot

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Exponential Moving Average indicator


So we mives to another indicator which is also average indicator but it is more advanced than moving average indicator and did not lagging indicator. Here I applied 21 days EMA indicator. Here we can see that EMA indicator line is above from the price chart candle which indicates to enter the market as sell short.

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Triple exponential moving average indicator


  • Here I added the 21 days TEMA indicator ,the reason of using TEMA indicator is that it gibes more information and importance to recent changes in the Crypto market and did not lagg so that is why I used this indicator.

  • Here we can see that 21 days TEMA line is about the price candle so this is also the indication to enter as sell short. So with the help of these indicators Now I will execute my trade.

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Real future sell short trade


Here you can see that I select the storj/USDT pair for trading. I set 10x leverage while doing future trading.

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Do you intend to keep it for a long time or when to sell it?


Just like other trades I keep this trade also for short period of time because market was fluctuating and sometimes it was just a sideways market so that is why It was a difficult to obtained huge profit and also not possible to keep the trade for long Time. And I claim my profit of $0.3252.

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Do you recommend everyone to buy? and the reasons for recommending/not recommending.


It is a game of real trading where we have to invest the money to do real trading. We can also lose our whole money within no time. If market is not going good we should avoid to trade. Everyone should have proper knowledge of the technical analysis & indicator as well as support and resistance level. After that you should take good position to take profit.


Conclusion


So in conclusion I will conclude my today article was about storj /USDT pair. First of all I told you about the complete setup of the storj network and coin and how it is best than traditional cloud. Then I do the technical analysis by using 4 different types of indicators and I did my trade. in the last I show you the the profit that I gain from this trade.

@abdu.navi03

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