BTS/USDT | S6T2 - Team Trading Post for Team Frontline
Hey Friends, I am glad to have you again in my blog as I make my last trading entry for the week. My entry still remains with Team-Frontline comprising prof @abdu.navi03 and @shemul21. For today's trade, I will be handling the Bitshares (BTS token).
An Overview of the BitShares (BTS) Asset
The BitShares is an open-source system that we know as a decentralized blockchain network just like that seen in the bitcoin network. This platform was developed by a team; Daniel Larimer, Charles Hoskinson, and Stan Larimer who put up a white paper to guide this project. This white paper was known as the "Peer-2-peer polymorphic Digital Asset Exchange".It was a little deviant from the existing blockchain from its development given to its rewards that goes back to the system. It was first named ProtpShares (PTS) until 2014 when it was renamed Bitshares (BTS) and with other features/products merged into its network.
Just as we see from other existing blockchain networks like Bitcoin that do not have any system that generates income back into it, the BitShares is an exception to this category. It launches the Decentralized Autonomous Companies with the capacity to issue shares which in return yields profit for onward distribution to all participating shareholders. This simply means with the BItShares, the Decentralized Autonomous Companies can be used for income generation to the entire network.
Without much ado, this has system attracted so many investments into its network as people would definitely want to earn make profits by owning shares and hence the return to investment to her shareholders. The first of this Decentralized Autonomous Company is the BiSharesX with a base in Hong Kong. The BTS token is the utility coin that drives the BitShares network in its Governance and other voting activity. This token also aids in the creation of BitAssets which are like smartcoins that can represent anything in the network. The BitShares runs on the Graphene that has the capacity to execute about 100,000 transactions per second. This is a record-breaking speed for both visa and Mastercard transactions.
The BitShares network runs on the Delegated Proof of Stake (DPoS) consensus mechanism. Therefore, there is a reduce the number of those participating in the confirmation/validation of transactions in the network. The BTS token can be found and purchased from the Binance exchange, Huobi Global, HitBTC, etc, and with pairs observed with BTC, USDT, and ETH.
Trade Analysis for BTS Asset
The BTS token has a price value of $0.0212 as of the time of this report with the price down to 6.35% in the last 24hrs. It has a Market Cap of $63,483,392 and a Circulating supply of 2.99B BTS. We can also see its trading volume in the last 24hrs to be $6,678,975 with Max Supply and Total supply of tokens to be 3,600,570,502 and 2,994,610,000 respectively.
Other statistical analyses include the price change under 24hrs of the trend which is observed at $0.02059 and $0.02307 for Low and High prices respectively. It currently has a market ranking of #471.
We also have a historical price trend of the BTS and its price action since launch. On 2nd January 2018, It was observed to have a peak price of $0.90 and volume traded under the same period as $138.32M. Also, it recorded a low price of $0.008592 with a Volume traded of $77,488.30.
Technical Analysis of the BTS Token
Just as I signed on to the tradingview site, changed my pair to BTS/USDT, I realized that the market trend is on a serious bearish trend. I introduced the double MA indicator as well the RSI indicator. From the signals therein, the blue indicator line which represents the short period MA is observed crossing below the red indicator line which is the long period MA. Hence the downtrend movement we can see in the chart analysis.
Also to make a confirmation of this trend signal, we can observe the RSI indicator line hitting the Oversold level. At this level, I should be anticipating a possible trend reversal on the opposite side (Bullish) in which I should make my BUY order.
Buy Order Scenario
Using the above-mentioned signals from the MA and RSI indicators as represented on the chart analysis, I was able to make the following buy order with details below.
Market/buy price - $0.01998
Filled Amount - 1001 BTS
Fee - 0.00003996 BNB
Total Asset Used - 19.99998000 USDT
Stoploss - 0.01948
Take profit - 0.02082
Sell Order Scenario
The sell order scenario would only be successfully done if executed above the buy order level for profitability.
Market/Sell price - 0.02001
Filled Amount - 20.03001000 USDT
Fee - 0.00003966 BNB
Total Asset Used - 1001 BTS
Recommendation
Let us look at some of the features inherent in the BitShares that make it attractive for investment purposes and hence clear progress in its project achievement. This platform ensures that its users own shares and therefore earn income which is distributed to all shareholders in the system. Users can seemingly trade on both their regular cryptocurrency assets as well as traditional assets without having to engage the services of the middlemen. This brings a wide adoption and participation of its system. This integration of both cryptocurrency and traditional assets makes it to be rated as the best DeFi investment. Therefore the BitShares (BTS) asset has a clear project direction that should attract both short and long-term investment. Given the fact that it is still a penny cryptocurrency, traders are expected to purchase a larger quantity of these tokens for HODL.
Thank you Professor @abdu.navi03 for this week's crypto trading competition.