BNB/USDT BUY | S6T3 | Team Trading Contest Post for Reminane
Hello everyone and a warm welcome to all fellow steemians to the season 6 week 3 of the steemit crypto academy trading contest.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Why are you optimistic about this token today, and how long do you think it can rise?
How to analyze the token? (using the analysis knowledge learned from professors’ courses) —- an important part
Your plan to hold it for a long time or when to sell?
Do you recommend everyone to buy? and the reasons for recommending/not recommending
Anything other users want to share about the token/project.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
The Binance platform is a decentralized exchange known to both newbies and pros in the crypto world, Binance is so far one of the biggest decentralized exchanges that have BNB token as its governing token, the exchange was founded in Hong Kong by Changpeng Zhao its CEO and its co-founder He Yi
The finance platform started off like every other decentralized exchange but later grew up to be the most used Exchange all around the world, this is partly because of the Exchanges network transaction fees, at the time the Exchange was just starting up we were mostly familiar with Exchanges that were majorly based on the Ethereum blockchian which we all know had a very steep transaction fee, one can pay as high as 10$ gas fee for making a transfer for even less than 10$
The Binance Exchange came up with an alternative for moving assets around with as low as less than a dollar transaction fee which initially was a major boost for the exchange and after a while, it started to integrate much more value to keep its users at bay. The Binance exchange currently has a 24-hour volume of $73,017,287,412.67.
The BNB token is the governing token of the platform Transaction often performed in the token on the exchange often carry way lesser charges than the others do, the BNB token can be used to perform staking or provide liquidity in the blockchain so also the finance stable coin (BUSD) can be used to do the same.
The BNB token currently is ranked 4th in the world among all the cryptocurrencies with a value of 414.40$ and a fully diluted market cap of $68,440,371,088 and a circulating supply of 165,116,760.89 BNB which is 100% of the coin created the total BNB created has been released for users the coin has seen its peak value at $690.93 in 2020 and its lowest value was at $0.09611 in 2017.
The BNB toke can be purchased from the following exchanges screenshoted below
Why are you optimistic about this token today, and how long do you think it can rise?
The major backing behind my entry in this coin is my technical analysis, Proper simple technical analysis indicates that the asset has been going back and forth in a common support and resistance level, so my plan is to make my entry when the asset is at its support level and cart profit at the resistance zone.
Binance is the most used token hence the token will overtime eventually still see a lot of bullish movements and the token will experience a very high rise in price and value
How to analyze the token? (using the analysis knowledge learned from professors’ courses) —- an important part
For my buy entry, i would be using professor @nane15 rebound and break strategy, which will require us to map out a solid support and resistance level as seen below
Now since we are making a buy entry we would have to observe our asset around the resistance level we can make a sell entry there too but since we are in an uptrend we can wait for the asset to react with the resistance level experience a rebound to the support level where we will make our entry
Using the leverage of 20X our entry was made at 412.70 which was the level our support line was at, at the end of the trade our asset experienced a false break then a rebound.
I intentionally closed my trade at 7.7% cause i had a target and it was met so i ended the trade and closed with a profit of 1.1$, Entry was made at 412.7 and exit or TP was at 414.3
Your plan to hold it for a long time or when to sell?
The Technical analysis performed on this coin was done in a short time frame which suggests that I will not be holding this coin for a very long period or duration. The coin was initially traded just to attain profit and close trade. Although the coin trend was in my favor I had to close with intended profit and exit the trade
Do you recommend everyone to buy? and the reasons for recommending/not recommending
In this i will confidently say yes, The Binance token is one we have seen rise from a value less than a dollar to a very steep 412$ currently, the Decentralised exchange is leading the front among all exchanges, the more successful the platform is the more growth the Binance token will experience, from the looks of it the token is in a daily bit to integrate more value to the blockchain.
I have done my analysis on a longer term and i can confidently say this coin still has a lot of ground to cover in growth hence i believe in the near future this asset will grow exponentially.
CONCLUSION
Targetted profit are very important, before entry to a trade i would suggest you have a said profit at heart which when achieved we would exit our position no matter how good the trade is looking because we know how volatile the market is an asset might be looking really good and the next minute the trend might reverse and be against us, it is very crucial to enter a trade with a targetted profit so we don't get caught by greed and loose all our profit. Thanks to @nane for the working strategy taught in one of her courses.
Thanks