Crypto Academy Week14 Homework Post for [ @stream4u]...Reverse trading, coingecko and price forecasting.

in SteemitCryptoAcademy3 years ago
Hello friends hope you are all fine . Today on 22 may 2021 , i am writing this homework task for @stream4u and it is about Reverse trading strategy , review of coingecko and price forecasting. Let's begin.

Technical Details On Reverse Strategy?


Reverse strategy is the name given to a trading technique by professor @stream4u applicable to a long bearish and bullish market to help traders enter and exit , so as to minimise loss or maximize gain.

Let me try to write down, what i understood by this strategy . in bearish market, where price of asset is going downwards, we tend to greed and enter anywhere with the hope of subsequent price pullback but the ideal strategy laid down by professor teaches out to be patient and wait for the long bearish day to pass and look for opening price, closing price, previous high and low. Also look for next day opening price. To be on safer side, confirm trend reversal by looking at next day opening price. If it is slightly above previous day closing price, it is a BUY signal. Here we can enter the market and gain the profit from forthcoming bullish market.

On the contrary, in a long bullish market, the ideal strategy is to wait and analyse opening, closing price, high and low of asset. Wait for price reversal. Price reversal means the next day opening price is lower than previous day closing price and the downtrend continues .It is only after confirmation of trend reversal by reverse strategy, we take exit from the market.

IMG_20210521_160805.jpg
ETH/INR chart from my wazirx

Here we see bullish trend continues till ETH reaches 3.20 Lakh INR. The point to understand here is that, wait till this uptrend continues and than exit once downtrend has started. If we dont follow, suppose we spot uptrend when ETH was 2.5 lakh aad we exit out of greed. Undoubtedly we may have gained some profit but not as much as we can, if we follow reverse strategy.

IMG_20210521_163118.jpg
YFII/INR from my wazirx

Here we can see that price of YFII continues to fall from 250 to 150INR. if we don't follow reverse strategy and wait for price to come up, than we may not be in significant gain. Once we follow reverse strategy, we wait for bearish phase to pass and than buy at the onset of bullish phase so as maximize profit.

Please note that in either case, STOP LOSS is an important parametre to follow and it has to be set at previous low


What Is A COINGECKO?


CoinGecko is an online site with comprehensive coverage of crypto coins and markets and that too in well structured manner. The information provided by coingecko can be used by traders to get detailed information about cryptocoins and can be used for educational purposes too.

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


CoinGecko is undoubtedly helpfully for cryptoinvestors. Coingecko gives investors complete information about any coin they are looking for. Let's take an example of BTC. Have a look at information that it provides when we click on BTC.

IMG_20210521_221132.jpg

So we got to know it's 24 high /low, trading volume, circulating supply, max supply etc. It also provides information about source code, social media community, wallets , explolers, websites etc. Also current price of asset on different platforms can be seen. Price of any token from one hour to one year can be seen.
IMG_20210521_221509.jpg

When we further dig into coingecko we see following diverse details
IMG_20210521_222032.jpg

Of these, important ones are token charts and history. Charts help traders see the current trend and also can predict future market movement on the basis of which they can decide entry/exit points and history of token shows important points like opening and closing price of asset along with market cap etc.

Also investors can make thier own portfolio od assets and monitor changes in portfolio like gain, loss which can also help them in deciding entry /exit points. There are other features too through which coingecko help investors which we shall discuss below.

Explore COINGECKO features with information.

Explore crypto coins

Diverse options are available to explore coins.
IMG_20210521_182529.jpg
Coingecko main page

Go to coingecko official website as : https://www.coingecko.com/en

On the main page of app, we get to see cryptocoins listed as per market cap. Alongside each listed coin, details of that coin like price, market cap, trading volume and recent and remote percentage price change like 1h , 24 h, and 7 days can be seen.

Filters

On the mainpage of the app, we have option filter. When we click we got to see three options.

IMG_20210521_183630.jpg

  • All hashing algorithms.
  • All markets.
  • All categories.

All hashing algorithms.

Hashing algorithms of the cryptographic functions that are followed by a particular cryptocoins to generate certain unique data to maintain their identity. Example, Bitcoin works of SHA 256 algorithms to create unique hash for each transaction to be computed by miners nodes for Verifying and recording transactions. Let me tell you what i liked about this feature, first i got to know hashing algorithms which i was not aware of and second i got to know the list of coins and their details as mentioned above that follow any particular algorithm by just clicking or searching for algorithm. Example of SHA 256 is given below.

1621603323022.jpg


IMG_20210521_185639.jpg
Example of SHA 256 coins


All Platforms

IMG_20210521_191433.jpg

Here we can see the details of native coins to any platform. Suppose i want see Factom platform. As i clickes on it, i saw PEG coin
details.
IMG_20210521_191744.jpg

All categories.

This is a wonderful feature of coingecko , here numerous categories have been listed and we can select any category and check for details of the coins falling under that category.

IMG_20210521_194003.jpg
some of the categories of coins

My portfolios

It Is a very interesting , exciting and important feature of coingecko. Here we can add any number of coins that we want to track and we can see different details of the coins like profit, loss in 24 hours etc. For this feature log in is required.

IMG_20210521_195322.jpg

As i have added BTC and ETH just now, show the different parameters will be shown after 24 hours.

Exchanges.

As of now 474 exchanges and 7439 coins are listed on coingecko. When we click on exchanges, we have 3 options to choose and they are Spot, DEX and Derivative exchanges. The list of spot exchanges appear by default as per their trust score, trading volume, coins and coin pairs listed etc.

IMG_20210521_200644.jpg
Exchange list

All the necessary details of any exchange can be seen by just clicking on that exchange.

Another option to explore about exchanges is seperate list of decentralized exchanges as per their trading volume. Also the other features like trading coins and pairs, visits ny traders, most traded pair etc can be seen alongside DEX. Another option to explore about exchanges is classification of derrivative exchanges by open interests and trade volume.

DeFi coins

Click on top left corner, a drop down menu will appear. Look for DeFi and click on it. List of top 100 DeFi coins will appear as per theirtheir market capitalization. Also other features can be seen listed alongside for these coins too.

NFT coins

Here also top 100 NFTs can be seen listed serially as per market cap. As of now THETA is the top ranked and CNS stands at 100th rank as per their market cap. We also have NFT spotlight option to look for Vision of some great people from this field.

Coingecko Resources

IMG_20210521_203350.jpg

Look at the screen shot above and you get to know the coingecko resources. Let me briefly explain, what they are.

Earn Bitcoin.

This is a mechanism to earn Bitcoin by staking BTC at variable APR . For example, Bittrex offers 1.76% and Nano offers 8% APR.
IMG_20210521_205613.jpg

Yield farming.

It is a method of locking asset for some period and earn interest at variable rates. Coingecko provides lost of locked pools in order of decreased asset volume. SUSHI ranks number one with Locked volumes of $1,345,793,781.17.
All crypto currencies

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It provides option to explore all the crypto currencies available on coingecko following under different categories like Market cap, 24 hours volume, price, exchange tokens, hashing algorithms. So you can search for any parametric or multiple parameters as per your convince and needs.

Bitcoin halving.

It is basically a reminder for miners. It is an event when the number of rewards generated per block that miners are offered will be halved from current rate of 6.25 to 3.125 and it will happen in 1080 days 8h 5 mins from now.

Compare coins.

IMG_20210521_211648.jpg

Here we can compare any two coins at any point time and find difference in price, market cap, trading volumevolume, supply, 24 h high and low etc.

Public companies treasury.

Here a list of companies are provided by coingecko that buy BTC and ETH as corporares. So it is an optimistic information for traders. Also the details of these companies like total crypto hold, trading volume, country are provided.,

Products.

Worth mentioning under this heading is coingecko store where some useful crypto related books are listed. Also mobile app of coingecko can be can be downloaded from products and coingecko monthly or yearly subscription can be taken.

Weekly Price Forcast For DOGE coin.


When we look at history of DOGE, it is optimistic as for market cap, price, supply etc is concerned. It was launched as a joke (name given to its launch) peer to peer transactions system by Billy Markus and Jackson Palmer, in 2013 at price of $0.00026. When we check its status now, we find that

Price : 0.336853$

Market Cap
43,552,720,352

24 Hour Trading Vol
8,286,486,744

24h Low / 24h High
0.323604 / 0.398759

Circulating Supply
129,694,208,735 / ∞

Source or figures : coingecko

So the figures show its progressive growth. The price boom or dogecoin in the beginning of 2021 was encouraging too and that was attributed to praise by some big names on Twitter like Musk, Snoop Dogg and Gene Simmon. Moreover, the history of Dogecoin reveals that it has been able to maintain its position very well even after witnessing some dark periods like millions of coins hacked from Dogewallet in December 2013 . ,

Technical Analysis of DOGE?


Today i choose to do price forcast of Dogecoin based on below chart that i have taken from my trading account.

IMG_20210522_080926.jpg

As of now, look at chart above, i have added Support, Resistance and RSI indicator to the chart. RSI value on 22 May is less than 30 , so DOGECOIN is oversold. Price of dogecoin has dropped in a week from 0.50 to 0.30 , so it is a long bearish market. As for my understanding is concerned, only two possibilities are there. First is to dump dogecoin deep down which is highly unlikely and second is price correction and reversal of trend. So price will rise again in coming week to touch previous resistance zone or can even break the previous resistance.

Conclusion


Reverse trading strategy is an excellent tool to follow in long bullish and bearish market. Coingecko is a comprehensive online portal of cryptos with diverse options to explore about coins, markets, portfolios etc.

Thanks

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Hi @drqamu

Thank you for joining The Steemit Crypto Academy Courses and participated in the Homework Task.

Review Visit Level
Task Remark
Comment
Guidance, Feedback, Suggestions
Grade
Verification (Done, Hold)
First
Completed
Provided information are explained well, you did good in this task but in the CoinGecko feature, you mentioned exchanges appear by default as per their trust score, here you could provide more details about what is Trust Score, how they calculated and why Trust Score is given, how it is useful for us. In Price Forcast whenever we mention anyone like big names on Twitter like Musk, Snoop Dogg, and Gene Simmon, here you could try to give a screenshot of that tweet and then source for those tweet links to show from where you come to know about it.
Try to be more informative and provide all possible details.
8
Done

Your Homework Task verification has been done by @Stream4u, hope you have enjoyed and learned something new.

Thank You.
@stream4u
Crypto Professors : Steemit Crypto Academy
#affable

From my point of view this post is very very special when it was explaining the features of of the website coingecko.
I just use this website for getting the information about the price only but now I can see there are a lot of features available in this website.

 3 years ago 

Thank you for taking time to go through. Actually motive of crypto academy series is teach and learn.

#affable

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