XTZUSDTPREP Buy | S6T4 - Team Trading Post for Fredquantum-Kouba01 Traders Team

Hello everyone, this is my second post this week. This time I decided to trade XTZ. This token is one of the few tokens I keep tabs with. I had plans to spot trade this token but later decided not to because I was occupied with scalping taking profits within the shortest possible time. I do not have huge capital and so leveraging works best for me although it is riskier.

Tezos is one of the popular blockchain networks. It is known for its evolution and development without it being forked. It is an open-source blockchain network designed to provide users with a platform to deploy Dapps and create smarter smart contracts in a secure and decentralised environment. Their official website describes Tezos as "A blockchain designed to evolve. Security focused, upgradeable and built to last." Tezos was created on June 30, 2018. Arthur Breitman was the man who wrote its white paper. He wrote it with the alias L. M. Goodman as an imitation of Satoshi Nakamoto.

One other interesting development is that it is the official Blockchain of Manchester United. Its platform is also used by Societe Generale which gives it much credibility. On the 15th of April 2021, they registered their first security token on the Tezos blockchain.

Tezos uses a proof-of-stake consensus mechanism. XTZ is its native token. This token is used for governance on the Tezos network and staking on various platforms for rewards.

XTZ at the time I was writing this post had a value of $3.75. It had a market cap of $3,333,358,960 and was ranked #46 in the list of cryptocurrencies on CoinMarketCap. XTZ has a total supply of 911,170,361. At the time 889,482,862.09 XTZ were in circulation.

XTZ recorded its all-time high of $9.18 six months ago. Its lowest price recorded within the month was $2.86 and its highest is $4.02. Its highest within the month is close to its highest recorded within the week with a value of $4.00.

XTZ is available on many exchanges like Binance, Gate.io, KuCoin, Huobi Global etc. Among the exchanges, Binance has the highest liquidity when trading XTZ with USDT.

I took this trade yesterday. I went through my watchlist to see the assets I hadn't traded and decided to check on Tezos. I knew Tezos was one of the good projects out there that you could consider safe to invest so I wasn't worried to try trading it.

I took a look at its chart and saw that it had hit support after hitting a new high within the week. I saw this as an opportunity to trade and so I started analysing the price to place my entry and exit orders. One other thing was that, unlike other markets which were highly manipulative, I could easily tell what was going to happen with its price movement.

XTZ has the potential to increase greatly. It is a solid foundation and I think it is undervalued. Its growth is steady which is good. I think with this current bull run it could get above $6.

The XTZ asset I chose to trade was a perpetual futures asset on Binance: XTZUSDTPREP. I already talked about how I use simple basic analysis to trade in my previous post. This trade was no different.

I wanted to keep this trade very short unlike the previous trade and so I started my analysis from the 1-hour timeframe. I drew the support and resistance levels and switched to a lower timeframe to identify an entry and exit point. Looking at the chart, you can identify how the price reacted with the demand zone close to the support level I had indicated with the red horizontal line. It was easy to predict that the price was going to go higher even though the trend seemed to have changed from bullish to bearish.

I identified a good entry and exit position and placed an order for a long position.

It wasn't long after when the price hit my entry and my position was active. The details of the trade are in the next section.

Like I said earlier, I wanted to keep this trade short. My plan was to make profits within a short period and use it for this post. I have other plans for XTZ. With a huge capital, I might purchase some and hold them for quite some time.

I bought 50 XTZ at a price of 3.724 USDT. My TP and SL were 3.779 and 3.681 respectively with a ratio of about 1.2.

After a few minutes, the price hit my TP and the trade was closed.

The image above shows my trade history. The system split my Sells into 3. Fortunately, they were all at the same price I set my TP. I made a profit of 2.7 USDT.

Tezos is a solid project. It's been around for some years now and it has been acknowledged by high profile businesses like Societe Generale. I'd recommend others to purchase an amount of this token and hold it till it reaches their desired profits.

This is not a piece of financial advice though and you should use risk capital if you plan on investing. The crypto market is quite volatile and can be unpredictable at times.

This was one of my shortest trades with a good yield. In all, I'm happy I got to gain more experience and my entry point was good. I hope you enjoyed reading my post.