A REPOST OF MY ASSIGNMENT-[BTCUSDT Buy | S6T3 ]- Team Trading Post for Fredquantum-kouba01 Traders Team.
It's another trading week in the Crypto Academy which we are longing for all this while in other for us to practice and showcase our trading talents and skills. I am in kouba01 and Professor @fredquantum team for this week. This i my first post for the week and based on this, i will be giving a full details of the i took at the beginning of this week being 20/03/2022. I will like you to stay tune as i analyze the asset below.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
In this task i will introduced to you the name of the Coin i will be trading for this first day 21/03/2022 for the reason of this current trading competition as well as the introduction of the token and the growth achieved so far.
The name of the token i have traded is BTC. This is a visual token / coin used by trader in buying or trade the financial market.
I want you to have the knowledge about buying and selling in the Crypto market and what it is all about. When we talk of the Blockchain ecosystem, this is where transactions are carried out between two or more persons via a digitally transferable asset and this is what we referred as token. Take note that this tokens are mostly issued on a blockchain like the Ethereum, this is depending on the assigned properties to them as well as their classification and uses.
Bitcoin has it humble beginnings since 2008 and since then to 2021, the token has experienced price peak. Many traders has invested in BTC world wide. This token is the first Crypto currency which went up (spiked), if crashed and rallies overtime and today it has fallen again.
I want you to understand Bitcoin is a decentralized peer-to-peer electronic exchange which assist people to send money with easy to one another without the banking system or the third party involvement as a middle man.
The aim of the creation of this token was to make sure people do not rely on the banks again to carry out their financial transactions. However, users can make transactions amongst themselves via the Bitcoin Blockchain which is based on a proof-of-work method, this helps in tracking and the verification of transactions carried out on the blockchain. BTC blockchain was lunched on January, 3th 2009, this was when the first Genesis block was mined. At the North central, Chetan Chawla was the assistant Professor of entrepreneurship College in Naperville, illinois, these were the key researchers of cryptocurrencies and blockchain.
Then, there were no monetary value attached to BTC says Mark Grabowski, but when an agreement was reached by two Papa John's Pizzas, $25 was delivered for 10,000BTC and this was on May 22, 2010 and this was when the real world BTC price per penny was established.
According to Coinmarketcap,
BTC is ranked 1 and currently trading at $41,169.09. Marketcap $1,874,162,406,234
Low Volume: $40668.04, Highe volume
$41607.49.
BTC can be traded on many exchanges. Some of the exchanges it can bs traded on are; Binance,
Bitfinex, Bitstamp, Crypto.com, Coinbase, GeniniOkcoin etc. This coin is also paired with other tokens like the USDT, USD, ETH, Steem.
Why are you optimistic about this token today, and how long do you think it can rise?
I am not planning to hold this coin to long. My analysis is for intraday trade and it's for long position. When the price rise to where i can sell the market, i will do so and take my profit, based on it's a spot trading.
How to analyze the token? (using the analysis knowledge learned from professors’ courses) —- important part
For the purpose of this trade i have bought the BTCUSDT using the Binance exchange.
My analysis was done in trading view chart buy opening BTCUSDT, Using the Median indicator and the Relative Strength Index as well as the break of market structure.
The price was trending downward and hen i placed my median indicator, i saw that the band changed green, which is an indication that the market want to reverse and take a bullish direction. At this point, the bulls are in control of the market as the market start gaining momentum buy making higher highs and higher lows. What i was waiting for is for the break of the market structure structure as you can see that the market has broken the horizontal trend line at the resistance point which became the support.
Immediately i noticed this, i open my binance Application and placed a buy limit order waiting for the market to retrace back to the zone to filled the order which it was executed. You can see the screenshots below.
When you look at the relative strength index, you will see that it is at the overbought level, at this point i was expecting a retracement. I have bought at $41564.04.
Your plan to hold it for a long time or when to sell?
As i said earlier, i don't have it in mind to hold this trade for too long, once thee market increases more than where i bought the asset, i will sell my BTC off. For now am still holding it because the price went lower that what i even expected.
Do you recommend everyone to buy? and the reasons for recommending/not recommending
Yes, i will recommend anyone who whish to hold BTC to do so because BTC is the No1 coin in the coinmarketcap and now the market price is down so i recommend investors to buy and hold BTC now to sell and make returns in future. The risk involved here is the ability to have patience and hold the coin to raise.
Anything other users want to share about the token/project.
BTC is the number 1 Crypto leading coin all trader will like to have. Based on its popularity and growth, the coin has been ranked as no 1 coin in the coinmarketcap.
In this task, i have successfully carried out analysis of BTCUSDT on trading view and i have taken a buy position on my Binance exchange platform. This is the first day of the contest for this week.
Thank you very much for your time.