[COTI/USDT]-Steemit Crypto Academy | S6W1 | Team Trading Contest Post for Crypto-Empires
I am thrilled indeed to be here and really do welcome this initiative by steemitblog to enable us test our ability so far in trading given the much lesson we have received on steemit crypto academy it is only right and fair will be given a chance to showcase what we got and if we really have learnt anything so far, for the contest for this week i would be joining team Crypto-Empires led by our very own prof @reddileep
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Coti is a project that runs on the ethereum blockchain and is based on the proof of trust consensus mechanism the project purpose or its aim is to eradicate every challenges we experience in our common traditional finance as well as fees and any other risks and coti has been able to do this efficiently due to some nice introduction in the blockchain such as the DAG-based protocol and other infrastructures which all together makes the project to be scalable as well as private while also being inclusive and fast not forgetting that it is decentralised as we use it for decentralised payment, it's the very first of its kind a project which is developed for the creation of stable coins.
They are lots of exchange we can possibly trade this fine coin coti on and they include major and notable exchanges like binance, Bybit, bitget, Kucoin as well as mandela exchange but for the purpose of this task i specifically would be trading on binance exchange.
Some of coti notable developers and technical team are in this image below like Lair Yavi the CFO and Shahaf Bar-Geffen the CEO among other notable members as the image depicts👇
Why are you optimistic about this Token today, and how long do you think it can rise?
Well coti is a nice project and i believe with it many strong integrations and being based on DAG protocol makes it one that has loads of potential well generally i don't know that am really optimistic about any crypto asset now based on market movement so my purpose of choosing coti was purely based on technical analysis more or like just scalping and taking advantage of support and resistance line respecting this to hold.
My Technical Analysis
I carried out an analysis more like a multi-timeframe analysis but I'm this case only on two timeframe i analysed the coti/usdt pair on the 1 hour timeframe using trading view for binance specifically and during my analysis it was clear the market was in a downtrend and looking to be forming what looks like a falling wedge on 1 hour time frame as it keeps bouncing back and forth between support and resistance normally since this was looks like a bullish pattern would have been waiting for a breakout before entering a position but i know that the market was generally down and this price movement between support and resistance has been going on for a while so i decided to scalp it up from the support and take profit at the resistance line so i moved to the 15mins timeframe to get a view also.
And as the image is showing on COTI/USDT pair on the 15mins timeframe the same pattern is there and it seems as is the price at this point is bouncing off of support so i place a trade on binance futures now i also pulled up a fib retracement channel ordinarily if i enter a trade here i would put my takeprofit at the resistance line but i pulled this up to be more safe
So from this channel i saw that the next area of retracement after the support was at $0.2224 slightly below the resistance line so i entered a position of $20 on binance futures and put my stop loss at $0.2055 my takeprofit was at $0.22323 slightly above the next fib retracement and below the resistance my entry was at $0.21202 on 20× leverage and my other was filled
screenshot from binance
My trade did hit takeprofit and my order to sell at $0.22323 was triggered with realised profit of $1
Screenshot from binance
Your plan to hold it for a long time or when to sell? (Here you should justify every point briefly.)
Well am not buying on spot i guess that would suggest am not a holder am merely taking advantage of market violatility scalping the market on small time frames that's all and eventually will exit the market if either my stop loss or takeprofit is hit
Do you recommend everyone to buy and the reasons for recommending/not recommending.
It all depends clearly based on the current market conditions won't really be in position to recommend anything to anyone believe they should do their own due diligence and be ready to deal with whatever may come from it but if the person is trading on shorter timeframe like in futures then i suggest he carried out his analysis well before entering any trade
This is my entry for today 🙂
My homework repost prof @abdu.navi03