Hello my good friends. Hope we are having a nice day. It is my pleasure to be back once more to engage in another homework task of crypto academy. This time, I will be writing on the homework task of @yousafharoonhkan as he thrills us on the topic Death cross & Golden cross, How to use Binance P2P trade

Define Death Cross and Golden Cross in your own words. And what is the significance of DC and GC in trade? And what effect do these two have on the market?(in your own words.)

Define Death Cross and Golden Cross in your own words.

The Golden cross(GC) can be defined as the point where the short-term moving average crosses above the long-term moving average.
The two moving Averages indicator are used together in the chart, to technically identify a pattern for a major bull rally.
In a Golden Cross, the short-term Moving Average used is normally 50MA while the Long-term Moving Average used is the 200MA.

A Golden Cross when seen on a chart, is a strong signal to the trader that a major bull run is imminent. This cross is very necessary for trader to observe, since it explains the current situation of the market, with regard to demand and supply which determines price. This pattern enables small fund traders to ride along with the trend and exit at the best time limiting losses as a result of manipulations from the whales.

This cross is usually a sign that the market is set for serious bullish run most at times.

The Death cross(DC) can be defined as the point where the Long-term moving average(200MA) crosses above the short-term moving average(50 MA).

Just like the golden cross, it explains the market situation in a jiffy, which is easily interpretable. It provides an avenue for small traders to join a trade early and enjoy much profit with the whales and exiting at the right time.
Once this cross is observed, the bull trend is over and it is a confirmation that the bearish market is taking over.

Likewise, the Long-term Moving Average used is the 200MA while the Short-term Moving Average is the 50MA.

Once traders, sees this kind of cross or technical pattern on there chart, it is a strong indication of a major bearish trend or rally.
At this point, the market trend which was bullish is about to end and the bearish trend is very imminent. It shows that the reign of the bulls is about to be over. So when traders observe this cross, it is time to exit their long position, and get set to enter a short position at an appropriate entry.
The 200MA as it crosses becomes a dynamic resistance for that trade, which the trader can also use to exit his trade properly.

How many days moving average is taken to see Death cross and Golden cross in market for better result and why? How to see death cross and golden cross on the chart. Explain Death cross and Golden cross on the chart, (screenshot necessary)

How many days moving average is taken to see Death cross and Golden cross in market for better result and why?

Two moving averages are required to set the Death cross and the Golden cross in order to get a better result.

So the 50 MA is normally chosen for the short-term, which is price fluctuations or movement for 50 days while the long term is set to 200 MA. This setting seems to give a more accurate reading.

While the 50 Moving Average is used to stay close to price fluctuations, creating lines of support and resistance which is very important for a Golden cross or Death cross to occur, the 200 Moving Average is used to represent average price movement on long-term basis.

Moving averages indicator helps us to level out price fluctuations thus identifying the actual trend direction. Moving Averages helps us to identify supports and resistance, analyze past movements of price using the past market movement over a period of time to forecast future patterns.

How to see death cross and golden cross on the chart. Explain Death cross and Golden cross on the chart, (screenshot necessary

In order to see the Death cross and Golden cross, we need to set the two moving averages mentioned above on the asset chart. The short-term moving average is set to 50MA while the long-term moving average is set to 200MA. To be able to show this, I will be illustrating it with a trading chart.

I entered my tradingview chart and now selected.indicator to choose the moving average indicator and place it on the chart.

The moving average indicator is now on the chart with its default setting at 9day length. Thus we have to set the MAs to the desired days moving average 50 and 200 MA length.

Setting up the 50 moving average with a blue line.

Now, it is time to set the second MA, the 200 Moving Average.

Still click on the settings, a dialogue box will open, where you will then set the figure. I used dark brown as the line colour.

We now have the two moving averages set up really good.

We explained earlier on, that the Golden cross occurs when the short-term moving averages crosses the long-term moving average. In other words, the short-term MA line is above the long-term MA line. This is an indication that bearish trend is ended and a bull run is about to begin.

The points marked Golden cross explains that.

We can see from the chart above that the moment the short-term moving average line crossed the 200 MA long-term line, there was a bull run for sometime. This is also the case at the second Golden cross shown on the chart too. Currently we are still on that bull run after that cross.

The Death Cross occurs when the 200 moving average crosses the 50 short-term moving average. At this point, the long-term moving average is above the short-term moving average. This shows that bearish trend is imminent. Referring to the chart above, we can see the area marked Death cross. That was followed by a heavy bearish trend.

Thus following these patterns on our charts can help us identify and enter trends early, trade wisely and avoid unnecessary losses making more profits in the process.

We can also observe from the chart that sometimes, when a Golden Cross or Death Cross occurs, it may only last for a short time or can last for long time too. So we need to be observant to notice when another cross happens marking the end of the previous cross or trend.

However, it would be appropriate to confirm this with other technical Analysis.

WHAT IS BINANCE P2P AND HOW TO USE IT.

This is a feature in Binance that makes it possible for us to buy and sell cryptocurrencies or fiat using fiat currencies. This is made possible as users within the system execute these transactions without the aid of an intermediary or bank. This is referred to as peer to peer(p2p).

The exchange only provided the platform or market space for this, and also acts as escrows or an arbitrator too. This feature makes it possible for users to transact in cryptocurrencies using their local currencies.

To use Binance P2P, we need to follow the steps below.

1. Open your Binance account by loging to it.

2. Once your binance page is opened, click on wallet

3. You will see several wallets like, spots, margin, futures, p2p, select or click on p2p

4. It will now bring out your p2p wallet. If you have transferred any cryptocurrency or fiat to it, the balance will be ahowing there. If you have not used it before, all the assets balance will be showing zero. In that case, you will need to tansfer to the p2p wallet first.

To transfer cryptocurrency to p2p wallet, we need to have cryptocurrency in other wallets, where we can transfer from.

I want to transfer from my spot wallet to p2p wallet. To do that I will

A. Open my spot wallet.

B. Select the cryptocurrency I want to send to p2p wallet.

C. Click on transfer on the spot screen

D. Select the crypto that I want to send to p2p wallet, the first wallet above should be where I am transferring from. P2P wallet is where I am sending to.

E. Input the quantity of the cryptocurrency that I want to transfer.

F. Click on transfer.

How to sell cryptocurrency in local currency via p2p (any country or coin)(screen shot neccessary to verify account)

My verified account.

To sell my cryptocurrency in local currency, I will go to my spot wallet. I want to sell the steem, I have available.
So first, i will click on the steem to swap it to bitcoin first. My local currency does not have any steem asset pair.

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The next thing to do is to convert or swap the bitcoin to my local currency. This is shown in the screenshot below.

You can now see the value in my local currency. The next thing to do is to transfer this to p2p wallet. Which is done in the screenshots below.

Go to p2p wallet, you will now see the NGN transferred to p2p wallet. Click on the NGN value, select sell, choose the buyer from the array of buyers,

A page will open as shown below, fill in the spaces and click on sell. Wait for the buyer to mark it for purchase, there are time periods ranging from 15mins to 60mins, depending on buyer. So consider that while selecting, whom you are selling to. The buyer I selected pays within 15mins.

Once the buyer marks it for payment, you will get a notification, then confirm having received the money in your bank account. Once you confirmed having received the cash, click on confirm and follow the onscreen steps to confirm and release the asset for the buyer.

This is how to sell cryptocurrency in my local currency through p2p.

What are things to keep in Mind during p2p trade and describe its four advantages and disadvantages.(own words)

■ we should be sure to go through thr terms and condition of the buyer or seller before initiating the p2p trade.

■ Always ensure that you confirm receipt of cash or money in your bank account before releasing the asset.

■ never engage any third party in your transactions as these process does not require that.

■ We need to be careful of scammers within the system.

■ Kindly ensure that you send money to the account number stated in Binance, to avoid 'had I known'

● No trading fee is required to execute p2p

● Makes it easier to withdraw funds especially as steemians and very flexible

● The interface is user-friendly.

● Withdrawals and deposits can be made in local currency in the case of crytocurrency ban by some countries on their financial institutions.

○ In the case of an appeal, the arbitration and refund process is rigorous.

○ Fraudsters are present within the system, and there is no way of searching them out except when the fraud have already occured.

○ In my country the exchange rate for my local currency is so high, for instance, we buy 1 usdt at N970 and sell at N512 maximum. It is very discouraging.

Conclusion

Thank you professor @yousafharoonkhan for the wonderful lecture. I really appreciate bringing out this information for so many of us to learn from. The use of the death cross and golden cross will help me to trade more better.