Steemit Crypto Academy – Season 2 - Week 6 - Post for @stream4u

Technical Details on Reverse Strategy

When it comes to trading cryptocurrencies, traders try to utilize various and effective strategies that helps them capitalize on the market fluctuations and make more profit. Reverse Strategy is a very popular technical analysis strategy that is used by a lot of cryptocurrency traders in trading cryptocurrencies in order to make profits. In my opinion, it is up there in the list of best trading strategies when it comes to cryptocurrency trading and profit making.

Reverse Strategy in cryptocurrency is basically a type of trading strategy when a trader decided to trade against the trend or in other words, when a cryptocurrency trader does counter-trend trading. For instance, if the market is moving in an uptrend direction, in reverse trading strategy, the trader would sell in that uptrend momentum and when the market is in a downtrend, the trader would buy in the downtrend momentum. In other words, the cryptocurrency trader would go against the current direction the market is going.

How this work is that - Let’s take a situation where the price of a particular cryptocurrency (AAVE) is falling and showing clear signs of downtrend momentum or bearish and lower-lows, a trading who is utilizing reversal strategy would put in a buy order to buy AAVE at any point at the bottom of the downtrend and hoping for the market to make a turn into an uptrend direction. Likewise when the market is showing signs of uptrend moment or bullish and higher-highs, a trader who is utilizing reverse strategy would at this point sell and hoping for the market to go back into the downward trend to buy.

AAVE/USDT chart on tradingview

Review of Coingecko

When it comes to investing and trading cryptocurrency assets, there are a couple of amazing tools that is very important and beneficial in helping investors and traders make the best decision in the cryptocurrency market and coingecko is definitely one of the tools that is used by a lot of people in the crypto space. https://www.coingecko.com is the official coingecko website.

Coingecko is basically a website specifically for data aggregation, it has been in exixtence way back in 2014… In my opinion, as far as a reliable site when it comes to live crypto prices listings is concerned, congecko is one of the best out there. On congecko, cryptocurrency users can get various information and data about cryptocurrencies that are listed on the site as well as other valuable features such as conversions and news in general. At the moment, coinGecko is a website with also mobile application for aggregating information of any cryptocurrency that are listed on the site.

Congecko uses real-time data feeds which makes it a very reliable and convenient tool for traders and investors. On the coingecko website, there is price information, statistics of various cryptocurrencies such as trading volume, circulating supply, total and max supply, price fluctuations, percentage increases, exchanges and more. Similar to coinmarketcap which is also a major competitor, coingecko ranks it listed cryptocurrencies based on market capitalization, with bitcoin, ethereum comfortably occupying the top 2 positions.

Screenshot of coingecko page

How COINGECKO Can Be Helpful for you in a Crypto Market?

For me, I make use of coingecko a lot to monitor the prices of cryptocurrency assets I want to invest in or trade. In my opinion, it has one of the best friendly interface and features that gives accurate cryptocurrency price charts, information and data that is very useful when carrying out technical analysis.

Live prices and charts of cryptocurrency assets is one of my main uses of coingecko, yes there are other websites that are very strong in this department such as coinmarketcap, but for me, I trust the information on coingecko a lot more as I find the prices a lot more accurate. Whenever I want to invest in any cryptocurrency asset, the first site I look up is coingecko to look out for the prices and charts so as to carry out my technical analysis before making any investment decisions.

Cryptocurrency conversion to USD is another very useful feature of coingecko I like a lot. Whenever I want to determine how much USDT I need to invest to get a certain amount of cryptocurrency, I always make use of coingecko because it gives a much accurate figure. With this, I can know before I even make the decision to invest how much USDT I need to invest. I like to use USDT because it is more universally accepted on a many crypto exchanges and since it is a stable coin, it is very close to the USD value on coingecko.

I also like to look at the coins section on coingecko because there I can find top 100 coins with by trading volume, top gainers and top loses which is great to know which comes in very handy when making investment or trading decisions. For instance, when a coin in top losers category, there must be a reason for that, and I will go on to do further research as to why that particular coin is in top losers, that would enable me make better decisions.

Explore COINGECKO features with information

I will be exploring the features of coingecko and giving my opinion on some of the very important features on the website. To access the coingecko features, visit https://www.coingecko.com The user interface of coingecko is simple and easy to navigate, making it very user friendly to use when it comes to accessing data and information on various cryptocurrencies.

On the front page of coingecko, you will see a list of cryptocurrencies that are ranked by marketcap. The front page occupies the top 100 cryptocurrencies by marketcap, from top to bottom.

Explore COINGECKO features with information

I will be exploring the features of coingecko and giving my opinion on some of the very important features on the website. To access the coingecko features, visit https://www.coingecko.com The user interface of coingecko is simple and easy to navigate, making it very user friendly to use when it comes to accessing data and information on various cryptocurrencies.

On the front page of coingecko, you will see a list of cryptocurrencies that are ranked by marketcap. The front page occupies the top 100 cryptocurrencies by marketcap, from top to bottom.

Sign Up/Sign In

Coingecko gives users the ability to signup on the site so as to have special access to certain feature on the website such as saving portfolios and other activities. Coingecko is completely free and anyone can use it without the need to sign up, however, to have personalized capabilities, you need to sign up on the site.

The Navigation bar

The navigation bar contains links such as Home
Coins, Exchanges, DeFi, NFT, Portfolio, Publications, Resources, Products, Community.

On the coins section you will find, top gainers and large movers sections which is what I use the most when I go to the coins section. You will also find, categories section there as well to find the various categories that has been sorted to make it easy to access specific sections on the site. You will also find the Top 100 Coins by Trading Volume there as well. This is one of my favorite sections because I can see which coins are been heavily traded across various exchanges.

Exchanges gives you a list of all the exchanges that are available for Spot, Dex and Derivatives and are ranked by trading volume and number of visits.

DeFi section gives access to all the listed cryptocurrencies that are part of DeFi with the same ranking from top to bottom based on marketcap.

The NFT section is basically for Non fungible tokens. Portfolio gives you access to your portfolio that you have set up. To have access to this, you will need to sign up first.
The publication tab gives access to the different publications ranging from blog, newsletter, news, podcast etc.

The product tab gives access to the different products offered by coingecko such as apps, widgets, premium subscriptions etc.

Community tab is basically all the social channels of coingecko.

General Cryptocurrency info and data section

Coingecko displays the general cryptocurrency info and data such as total number of coins listed on coingecko, total number of available exchanges, total cryptocurrency marketcap, 24hr volume of all cryptocurrencies, bitcoin and ethereum percentage dominance.

Sub Sections

The amazing thing about coingecko is that it tries to make the user experience easy by providing multiple navigations options to go to the same pages. The sub sections also links to the pages that can also be found on the main navigation bar.

The Currency tab is for switching to different currencies of your choice such as fiat currencies US Dollar, Euro, Yen etc or cryptocurrencies like BTC, ETH, LTC etc. When you select any currency of your choice, coingecko changes the default currency to that selected currency making the prices show in that selected currency.

The filter tab is for filtering out different aspects of the site to focus on a particular aspect. The Portfolio tab gives you access to your portfolio that you have set up. To have access to this, you will need to sign up first.

Explore all coins tab shows all the coins that are listed on coingecko. Recently added tab shows the cryptocurrencies assets that have been added newly on the site.

The category tab is basically shows the different categories of cryptocurrencies such as stable coins, DeFi coins, exchange tokens, governance tokens, yield farming, NFT etc.

The main section of coingecko displays all the cryptocurrencies, ranking them by marketcap, from the highest to the lowest. The star icon at the side of each cryptocurrency is used to mark as favorite. This can only be done when you sign up. The front page also displays the different price percentage changes such as 1hr, 24hr and 7days which is great for technical analysis. It also displays vital cryptocurrency statistics like marketcap, trading volume and last 7days chart. Which is great because you don’t need to click on the coin before seeing the important info and data.

Weekly Price Forecast for Crypto Coin: Uniswap UNI

When it comes to DeFi protocols, uniswap is up there as one of the leading and most useful DeFi projects. The Uniswap protocol came into the limelight months ago and skyrocketed as one of the catalyst in DeFi. Uniswap is basically a fully decentralized exchanged protocol built on the ethereum blockchain for swapping different ethereum-based tokens. Uniswap protocol is open source which adds to its fully decentralized nature, allowing anyone to have access the protocol and make contributions. The Uniswap token is the UNI token which is what I will be analyzing.

Based on the current statistics on the coinmarketcap website, UNI has a current martketcap of $14,206,014,064, Fully diluted marketcap of $25,586,149,630, Circulating Supply of 559,616,277.98 UNI, Total Supply of 1,000,000,000 UNI and a Max supply of 1,000,000,000 UNI. UNI can be traded on a lot of the top crypto exchanges such as Binance, Uniswap DEX, Coinbase Pro, Huobi Global, Kucoin, Kraken, Bittrex, OKEx, Gemini, and more.

Why I chose UNI?

For me, I’m a huge fan of DeFi and Uniswap is one of the top, if not the biggest DeFi protocols. The main reason why I chose UNI is because I think there is still a lot more to come from UNI, especially with the upcoming updates, UNI token still has a lot of room to climb up in ranking. Another reason why I chose UNI is because it runs on the ethereum blockchain which means that I can store the token on any wallet that supports ethereum-based tokens. Also, UNI token can be traded on a variety of the top crypto exchanges with a lot of liquidity.

Technical Analysis and Price Forecasting of Crypto Assets Using UNI/USDT pair

For this demonstration, I will be making use of only technical analysis to try to predict the price of UNI in the next week with the help of a couple of few technical analysis tools. For this, I will start by looking at the 30days charts on coingecko so as to have a general idea of the direction where the price of UNI has gone in the past 30 days... UNI has passed my fundamental analysis, so I will be focusing only on technical analysis to forecast the future price of UNI in the next 1 week.

UNI Statistics on Coingecko

On May 11, the price of UNI was around $37.72

On May 4, the price of UNI was around $44.02

Using 7day EMA, 14days EMA and 30 days EMA on trading view, you can see that UNI is in a downward trend

From the price chart, you can see that the price of UNI has been decreasing which is showing a downtrend

Looking at the chart on tradingview, you can see that UNI has a support level of around $20.396 and a resistance of around $27.641, based on my analysis, there is a big probability that the price of UNI will drop to $23-$23 in the next week, so for me, this isn't a good time to buy, so I would have to wait for a few days to enter.

UNI/USDT Chart on Tradingview

Based on which Technical study the possible low level and the high level for the next 1 week?

Based on my technical analysis, we can see from the chart where the recent support and resistance level is and from the 30days history, we can see that UNI has been on the downward direction.

In my opinion, the next low of UNI is $20.25 and the next high of UNI could attain a breakout at $27.87.

Conclusion

When it comes to cryptocurrency investment and trading, there are tools that are valuable in helping investors and trader make decisions in the market. Coingecko for me is one of the most important tools that not only shows live prices, but also has a lot of features that help in technical analysis such as showing the top gainers and top losers, ranking coins based on trading volume and more. Also, it is important to carry out a careful and complete analysis of the asset before investing or trading any cryptocurrency asset so as to reduce the risks involved especially in a highly volatile cryptocurrency market.

@stream4u