Crypto Academy / Season 3/ Week3 / Homework Post for Professor [@imagen] || Introduction to Technical Analysis of Price Patterns

(1) Perform the staking on a platform of your choice. Which platform did you choose and why? Which wallet did you use for the procedure? Use screenshots of your own. How can you link your wallet to the platform you chose? Which coins will you staking with, what is the APY/APR (show screenshots).?

What platform did you choose

For the purpose of the staking activity, I chose Tronlink.

p
Tronlink is the first and most popular decentralised app of TRON wallet. It is supported by Tron foundation and was launched at TRON's official website. Just like there is Metamask for ethereum, Tronlink is for TRX wallet in the like of a browser extension.

Why I chose this platform is because of these 3 features which it posses.
• Speed
• Low Transaction fee
• Good Scalability

What wallet did you use for the procedure?

I used my Tron wallet for this procedure and below is how I linked my Tron wallet with Tronlink.

How can you link your wallet to the platform you chose?

• First thing I did was to install the Tronlink app to my android phone from Google playstore.

• Next I open the app and on the first page that opens, I click on import ( because I want to link an already existing Tron wallet)

• On the next page, I read the privacy agreement and click on accept

• On the next page, I am given the option of how I want to link my wallet. I click on private key

• On the next page, I am required to input my Tron wallet private Key and then click on continue

• On the next page, I am required to input a username and then click on next page.

• On the next page, I am required to input a password which I will use to authenticate future transactions. Then I click on next page

• I have successfully linked my Tron wallet to the Tronlink decentralised app and ready for staking.

The Staking process

On the platform, the staking is in the form of voting for block validators and so the staking reward will depend on your staking power.

On Tronlink, to be able to vote, you must first get voting rights and this can be gotten by freezing some of your tokens on your wallet.
Below, I frooze 97 Trons and I got 97 voting rights.

Next is to click on Vote . There is a list of Super Representatives (SRs) to vote for. I choose BitGuild.

I click on Vote then I input the amount of voting rights I want to use in the voting.an then enter my password to authenticate the transaction.

I have successfully staked my 97 Trons

The estimated yield of my 97 Trons in a year (APY) is 6.98% of the the staked trons which will give me 6.77 Trons. At the time of writing this post, 1 Tron = $0.05546 USD. So this implies that in a year, the total stake reward will be worth $0.3755 USD.

(2) Pick 3 cryptocurrencies and perform a 7-day and 30-day technical analysis. Draw trend lines and describe whether the coins are in a continuation or reversal pattern. Take screenshots.

The chart below is a BTT 7 days chart. It's a pennant chart because there are series of downtrend right before an Uptrend began.

The chart bellow is a BTT 30 days coin. It is a double top chart as we can see and even the next top seems to be forming.

The chart below is an XRP 7 days chart. It is a triangle chart as it could be seen, depicting the possibility of a break out

Below is a 30 days XRP chart. It has formed a triangle with possible price breakout soon.

The chart below is a TRX 30 days chart. The chart pattern takes the shape of an inverted pennant chart as it can be seen that a new resistance was formed after an uptrend and immediately followed by a downtrend

(Screenshots taken from Binance app)

(3) How can we differentiate a bearish season from a bullish season in the market?

What is bullish Season?

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A bullish season refers to the market phase when the price of an asset is experiences an increase as a result of multiple buy orders by traders. In this season, there is a significant rise in the price of an asset. There is also a high rate of uptrend and there is always a new resistance level formed in the direction that moves up in the chart.

What is bearish Season?

P
A bearish Season is the opposite of a bullish season. It conote a phase in the market of an asset where there is multiple increase in the sell order and as a result causes a drastic and significant drop in the price of the asset. This drop or decrease in price lasts for some time hence forming a visible season or phase of downtrend.

The major difference in these two seasons is that the bullish season is brought about by a massive buy order which causes the price of the asset to sky rocket while the he bearish Season is caused by a heavy and massive sell order which will bring about a drastic drop in the price of the asset.

Note that both seasons could also be caused or brought about by the activities of crypto whales.

Conclusion

Staking is a very essential part of cryptocurrencies that use the PoS consensus mechanism.
On the part of the holders of the coin, it will bring them extra coins as reward.

On the part of the coin, staking helps to entrust block validation into the right hands.
Also, since people have staked their coin, there will be lesser sellers and when there are more buyers, it would cause a rapid increase in the coin price.

Regards to Professor @imagen