[ SEASON 2 | Week 6 ] Steemit Crypto Academy Homework Post for @stream4u | Technical: Reverse Strategy | Crypto Prices & Market Source: Review Of COINGECKO |
Hello friends .... !!!
Back again with me Ichsan Angga P at Steemit Crypto Academy Homework.
Today I will finish the homework from professor @stream4u.
The topic that I will choose to discuss from the work given by the professor @stream4u This week's assignment is about Technical: Reverse Strategy | Crypto Prices & Market Source: Review Of CoinGecko
Technical Details On Reverse Strategy
The reverse strategy has the meaning that this is an incident about the trend in the crypto market and how the trend reverses conditions over a long period of time, so the reverse strategy is a strategy that is always used in carrying out technical analysis that occurs in the crypto trading market, the reverse strategy This detects the movement of the crypto market towards a bullish trend or a bearish trend where if we can detect a trend movement, we will be younger to take advantage of this trend for a long period of time to take advantage of our trading.
How does Reverse Strategy works?
To use this reverse strategy, we as traders need to see that the trend movement that occurs leads to a bullish or bearish trend that has a prolonged period of time, here we as traders must be able to hold our emotions to become traders who are patient and thorough to ensure the situation on the market at our trade or a possible reversal of the position. As we know, if the market is in a strong bearish trend, it indicates that the buy position was opened faster, this is the time for traders to make purchases on crypto assets.
On this occasion we use the Reverse strategy where traders use technical analysis charts to plan their asset investment. For example using a reverse strategy, which is when the crypto market is in a Bearish or Bullish position, we have to analyze it with a period of 12 hours or 24 hours, so that we can definitely see the behavior of the asset's movement pattern. We also have to pay attention to several things, starting from the opening price, closing price, low points, and high points in the period of 12 hours to the last 24 hours. Most traders take 24 hours to ascertain the behavior of the asset being viewed, but it comes back to the way you do the analysis.
If there has been a continuing bearish trend in the last 12 hours or 24 hours for the open price and so close to the close, it is a sign that it is a good move to buy the asset, and then we just need to decide to sell it at its high. , and do a stop loss at the lowest price that appears next.
The following is an example of the Reverse Strategy that occurs in the crypto trading market BTC / IDR :
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What Is A COINGECKO?
If we discuss cryptocurrency, it will be familiar to this one platform. Coingecko is a platform that was created with the aim of looking for information related to various types of currencies in the world of cryptocurrency. Which Coingecko was created by two inventors, TM Lee and Bobby Ong, this platform is based in Singapore. From Coingecko, traders in the cryptocurrency world get all kinds of very detailed information about cryptocurrencies. It is from the information provided by the Coingecko platform that traders perform analysis to get good results on their crypto asset trading. From this Coingecko platform we can get various kinds of information related to data on sales, exchanges, crypto market capitalists, cryptocurrency trading volume and many other data that we can see from this Coingecko platform.
How COINGECKO Can Be Helpful for you in a Crypto Market?
Some of the things that really help us from the Coingecko platform, include:
Cryptocurrency Prices And Ratings: At Coingecko we can see information related to cryptocurrency prices and also the ranking of cryptocurrencies in the world. So that traders can perform analysis on the current price.
Volumes and Historical Graphs: In this information the Coingecko platform provides information regarding the current volume of all cryptocurrencies in the world. From this volume information and historical charts traders can see market movements on cryptocurrency assets at any time and from time to time.
Performance Evaluation: In the information in the Job evaluation section, the Coingecko platform provides very complete information about cryptocurrency currencies, from here traders can see the performance of these assets, so traders can make good decisions from job evaluation analysis regarding cryptocurrency assets.
Explore COINGECKO features with information
So to explore the firu provided by the Coigecko platform, it's a very easy way, I'll try to explain with a little of my knowledge.
Category : In this category feature, you can search for information related to cryptocurrencies that are grouped on centralized exchange tokens as well as decentralized exchange tokens, automated market creation, the Binance chain ecosystem and more. For each feature you are looking for, both centralized exchange tokens and decentralized exchange tokens will be ranked according to the volume of transactions that occur in that market. As shown below
- First you have to click a category to bring up other information.
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- After you click on a category, a display will appear like the one below, you can select it as you like to find information.
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Here you can see information after you select the coin that you want to check the detailed information about the coin.
Exchange : On exchanges you see information such as DEX, Spot, and Derivatives, which on the DEX feature they have information related to decentralized exchange lists, on the Spot feature they have information related to exchange records that offer spots on cryptocurrencies, and on the Deriative feature they provide information related to the list of exchanges that offer trading of existing contracts on cryptocurrencies.
- The first step is that you click exchange, then 3 options will appear, namely Spot, DEX and Derivative, as shown below
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- After the 3 options appear, then you just have to choose what information you want to see, Here I choose DEX, then we will automatically be directed to the decentralized exchange, and we can see information related to the decentralization interface starting from the highest to the lowest, as shown below.
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As you can see in the image above they provide information regarding decentralized exchanges.
Recently Added Coins : In this feature they provide freedom for traders who want to check the coins that have recently been added to the market, and also this feature provides information regarding other things as shown below.
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As you can see in the image above, this feature provides related info, prices that occur within 1 hour, 24 hours and also 7 days, volume that occurs for 24 hours, and the time the coins are added.
Developer : Then in the developer section, where this feature is provided by Coingecko to see information related to contributions made by developers, with the aim of making projects in the cryptocurrency market even better. The following is an example of the information found in this feature
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In this developer feature, you are given information regarding prices, starts, forks, watchers, contributions, commits in last 4 weeks and code changes like the red mark in the image above.
Cryptocurrency price by Market Cap : In this feature Coingecko provides information for traders regarding the price of each coin, the capitalists who are currently happening in the market, as well as some other information, as shown below.
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If you want more detailed information regarding the coin you want, you just have to click on one of the coins, you will be automatically directed to the information related to that coin.
Weekly Price Forcast For Crypto TRX/USDT Pair
So in this matter I will try to take the BTC / IDR pair, because BTC is experiencing a slightly confusing trend in the market, because maybe at this time BTC is in a state that can be said to be in a downward trend, so I will talk about BTC / IDR.
Why Did I Choose BTC For Prediction ???
Several reasons why I chose BTC for my price predictions for the next week, here are the reasons I chose BTC:
BTC is the first digital coin in the world which at the beginning of its appearance has a low price, but at the moment BTC coin has a very fantastic price.
BTC is at the core of all coin making in circulation at this time, it was the BTC Blockchain system that other coins emerged.
BTC is in high demand by major investors around the world.
Technical Analysis - BTC/IDR Pair
So I chose BTC / IDR to do a technical analysis on this pair of coins and I will try to predict the price at the lowest and highest points in the next 1 week. So let's look at the behavior in the previous week, so that we can predict the price for the next 1 week. In the previous week we can see he is selling at IDR 957,761,261, then if we see the reaction for the following, I am using the Elliot system and a bit of a mix of other systems. here we can see that there was a wave of decline in the previous 2 weeks with a value of IDR 769,875,432 and then in the following week there was a slight increase with a value of IDR 852,764,212, and this week there was a decrease with a value of IDR 571,960,000, so if we look of this behavior for the next week with market trends that occur in turn between bearish and bullish, here I will try to predict the prices that occur, here is a preliminary picture of my technical analysis.
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So the next step is to make predictions of such market behavior, so if you see that there is a turnaround from a bearish trend then it forms a bit of a bullish trend and then becomes a bearish trend again, if we follow this pattern it is certain that the next market that occurs will be a bullish trend. which has only increased slightly, here is my review through my analysis pictures.
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Output of my Technical Analysis on TRX/USDT pair
So the final result of my analysis with the predictions for the BTC / IDR pair is:
From the results of my analysis of BTC / IDR, which I analyze through the waves that occur and the rotation of the trend patterns that are formed, I will predict the price for the next week, with:
In the following week there will be a lowest value of IDR 550,000,000 and the highest will appear IDR 760,000,000 and maybe there will also be an increase with a value of IDR 820,000,000.
Conclusion
The conclusion in this assignment regarding a reversal strategy is that this is a strategy that has good benefits and is very effective which is also very useful for traders in making wise decisions to trade on the cryptocurrency market, which traders must be careful in analyzing bearish trends. or bullish that happened. And for Coingecko is an excellent platform and helps traders see various information related to cryptocurrency assets circulating in the world, they provide very complete information about cryptocurrencies, so traders can easily view information and perform analysis to make further decisions on the market. cryptocurrency.
Last word
This is the task that I have completed on this occasion regarding Technical: Reverse Strategy | Crypto Prices & Market Source: Review Of COINGECKO, sorry if my post is still far from perfect and there will be many errors, let's fix it together through constructive comments from friends.
Thank you to all of you who have read my post, I hope my post can be useful for all of you.
Regards
@ichsananggap
Notes: All of these images are from my screenshots and are my own edits.
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