Bichi Indicative Strategy- Steemit Crypto Academy- S5W6-Homework post for @utsavsaxena11

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A big Christmas greeting to all the members of #SteemitCryptoAcademy and Merry Christmas to all, this is my entry for this week I hope to complete my reputation I have not had much free time this December I have been painting and fixing a few things in my home to spend Christmas better than the previous one. in the sixth week of season 5 I have studied very well the lecture of Professor @utsavsaxena11 which is another very important strategy to implement within the crypto markets I am very excited about this indicator I will perform this task with the greatest possible understanding for the advanced and those who are joining more often.

1. Give a detailed analysis of the BICHI STRATEGY. From introduction, trend identification, trend reversal in the market, market entry and exit, a demo trade and finally your opinion on this strategy. (Screenshot required). [4 points]

To be able to trade in the digital cryptocurrency market you need to implement several strategies therefore not only rely on a single indicator if not several indicators and implement a clear strategy accurate and appropriate for each level many trader worldwide confirm not one if two or three times its graph before trading to this is called confluence trading which is the use of multiple tactical tools to identify patterns trends and thus confirm the operation due to the high volatility of the market.

It is necessary to study trial and error until you get the combination that works in a more appropriate way for each case, usually the combination of indicators and tools are used to identify important patterns in certain temporality for example the use of moving averages, ADX and RSI are the ones that I like the most to me in particular because I not only see the strength of the trend but also read the patterns and the position that is in terms of selling or buying in the chosen temporality.

talking about the BICHI strategy we can identify it as the combination of two important indicators that I also like but I do not use them in my strategy, but if I plan to implement it from now on in my operations as they combine two indicators widely used by trader such as Bollinger bands and Ichimoku cloud which shows me the momentum and strength of a digital asset.

to better understand I will talk a little about the bollinger bands is an indicator that consists of three lines a top band the middle band and the lower band which can act as support or resistance having a base line Ichimoku lineade is an indicator that details the price movement in the future the combination of these two indicators give us as a result the Bichi strategy.

The Bichi strategy can be used to identify trends and to be able to speculate with greater depth the market we will see its use the BICHI strategy.

1. We must visualize the base line of the bollinger band.

2. Identify whether it is acting as support or resistance.

3. Wait for the price to break upwards from the Ichimoku.

4. The trend is bullish if it breaks the Ichimoku upwards and the base line breaks upwards.

5. The trend is bearish if it breaks the Ichimoku downward and the base line breaks downward.

Here we see a chart of Shib/Usdt 4H where we can see the break of Ichimoku and change of uptrend the bollinger band acts as a support or base in this case is the yellow line that is right in the center of the white cloud. just at that point where I point with the yellow arrow is where I can confirm the next move,

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How to identify Trend Reversal:

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This is perhaps one of the most fundamental parts of the whole strategy Bichi pay attention if we notice an uptrend where the highs are each time higher than the previous and the lows are also higher than the previous then we are talking about a totally healthy uptrend, but if we get to notice a maximum lower than the previous where he could not break the previous resistance and then we see that makes a pause but I broke the average bollinger this is indicating me an imminent trend reversal look at the image that I will leave below.

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In the above chart we can see how the highs stop exceeding the previous high and is positioned in a sideways range where the price loses strength and begins the trend change confirmed by the bollinger bands as well as we see in the image look how the ichimoku breaks and you can clearly see the confirmation of trend change from bullish to bearish in 4H timeframe.

Let's make a market entry and exit order using the BICHI strategy

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BUY ORDER:

To place the buy order we go to Tradingview.com platform then we have to identify the current market trend after this we will verify that the price is above the baseline to identify the support then once the Ichimoku cloud breaks upwards we must place the order at the close of the candle, to place entry order, and with a stop loss pode below the previous support.

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SELL ORDER:

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let's analyze the trend assuming it is bullish then let's wait for the price to be below the bolliger band baseline in this case let's expect that the baseline acts as resistance to the price therefore when the ichimoku cloud breaks down we have to wait for the candle close to place the order the stop loss same should be placed above in this case the baseline look how it is on the chart.

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Demonstration BICHI strategy buy:

Entry on 1m DOGE/USDT chart we waited for the Ichimoku cloud to break then placed a stop loss slightly at the baseline and a risk/reward ratio of 1: 1 so the gain was 1% relative to the stop loss, waited for a candle close above the cloud and entered.

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Profit taking to end BICHI's fiscal year

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Demo of BICHI strategy sell:

we analyze the trend of the asset in this case TRX/USDT 1m therefore I saw a good entry to show the entry buy 1,000. 000TRX for this example at a risk ratio of 1, 2 according to the stop loss, therefore I saw that the candle closed above the ichimoku cloud at that point I enter in operation placing a stop loss above the baseline and a stop profit of the over the size of the stop loss which gives me a ratio of 1, 2 in that case the strategy works perfectly giving the exit point exactly where we raised it. as we can see in the picture

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Confirmation of operation:

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2: Briefly define Crypto IDX and Altcoins IDX What is signal prediction trading, is it legal or illegal in your country? (Explain briefly) [2 points]

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Crypto IDX ( Cryptocurrency Index ).

It is a digital asset created from 4 cryptocurrencies such as BTC, LIC, ETH, ZCASH. the IDX uses the bid and ask price of the assets and is only available in Binomo the asset is calculated according to the average of these four cryptocurrency assets it is very high grade to calculate this average so a high tech software is used to be able to make the corresponding calculations.

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Alcoin IDX is similar to crypto IDX, it combines digital cryptocurrencies and then the Alcoin IDX works by averaging the combined cryptocurrencies, the coins used are Ripple, Ethereum, litecoin, monero. using the base price of each of these currencies, the program performs an average calculation of the alcoins.

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What is signal prediction trading?

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it is used in trading to speculate the forward price of a digital asset, that is to say it focuses on knowing or predicting the signals by software or manually when we are analyzing or start predicting the signals manually we focus on fundamental analysis, technetium analysis, and psychological analysis. Therefore we will know the movement of an asset the entry and exit price of future operations therefore we traders who are starting at least we have a year in the business have notions and we know the main thing to remember that practice makes perfect, dedication and perseverance are two fundamental aspects to be professional.

As for trading software signal predictions are used bot technology to predict a future price of some cryptographic digital asset.

Is it legal or illegal in your country?

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In Venezuela is legal totally legal there is no law to prohibit the use of digital cryptocurrencies or marketing of these in the country. banks still do not accept cryptocurrencies but it is not illegal to make transactions with them. the only thing that is illegal in the country is digital mining without a permit from the government and when you have the permit and you are registered you can mine with peace of mind.

3. If you want to create your own penny IDX, then what 4 penny assets will you choose and what is the reason behind choosing those four assets? Define Penny Coins. (Explain, no screenshot required). [2 points]

I am going to choose four digital assets that I have always liked to make trades which are, Doge shib, reefm , Chiliz these are my 4 propestos to create my penny IDX .

Doge: is a digital cryptocurrency is a token that was created as a meme at first being adopted some time later by companies and brands recognized sports teams basketball and other brands therefore due to its popularity this token reached record highs that baffled everyone right now is at a price of $0.191 in the number 12 position in coinmarketcap.

Shib inu: is another token that was created as part of the same joke of doge a digital meme which was acquiring value over the months as it had a partner The creator of Ethereum, Vitalik Buterin which donated all its assets to India in mid-2021 this coin was growing and creating new projects is expected for later prices that will benefit many people who are soaking it. is currently at prices $0.00003723 and in the 13th position in coinmarketcap.

Reef: it works under the polkadot Reef network offering the best Defi on the market, this attracts the attention of the Defi ecosystem lovers, therefore Reef is the coin to interact in the ecosystem and this makes it very attractive, it is currently priced at $0.02116 and is at 170 according to the CoinMarketcap rank.

Chiliz: this token is associated with sports clubs to create fan tokens, this allows the investor to make decisions of their favorite clubs with the chiliz you can invest in any fan token of your choice these tokens can be exchanged, the more tokens the investor owns the greater the voting power with respect to the decisions of the club. chiliz is currently at $0.3168 in rank 72.

What are penny coins?

Penny coins are all those digital coins that are sold for less than 1$ and this one presents many factors that possibly make the price increase or decrease during its existence, usually a penny coin with a strong project rises very fast while other equal coins but with poor projects even its value decreases exponentially during the lifetime.

As long as the penny coin project is solid and has a purpose it will immediately attract the attention of investors and will sell very fast which will cause a drastic increase in its price. The digital coins I chose above have a promising future, they are coins that have a long term purpose which makes them very coveted by most investors who see them as very lucrative in the long term.

CONCLUSION

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I really enjoyed a lot performing this research task regarding the Bachi strategy fascinated me from the beginning as I had nation of these indicators but still not mastered it in full I will be practicing daily with this strategy in demo mode for a month to start trading the market if I master it and great benefit really enjoy performing the operations in demo mode, which came out perfectly the temporality and profits are relative to the proportion of money you operate if you are leveraged or not everything affects the operation.

as for the options exchanges provide the opportunity to trade in a contract that is generated according to a certain time which is very practical and interactive also offer 25% of your first deposit to start trading the market if you perform the different analysis and also what we learned in the academy I'm sure it will be beneficial operations in binomo.

Cc: @utsavsaxena11

BY @laser145

By: @laser145