Crypto Academy / Season 3 / Week 5 - Homework Post for [ yousafharoonkhan ] Death cross & Golden cross, How to use Binance P2P trade
This is @kawsar from Bangladesh.
Today in this post I will share with you my Homework Task (Season 3/Week-5) for Professor @yousafharoonkhan . The course that the professor @yousafharoonkhan Death cross & Golden cross, How to use Binance P2P trade. Professor @yousafharoonkhan(Season 3/Week-5) gave us homework tasks:
Homework Task (Season 3/Week-5)
- Question no 1:
Define Death Cross and Golden Cross in your own words. And what is the significance of DC and GC in trade? And what effect do these two have on the market?- Question no 2:
Explain the points given below.
How many days moving average is taken to see Death cross and Golden cross in market for better result and why?
How to see death cross and golden cross on the chart.
Explain Death cross and Golden cross on the chart,- Question no 3:
What is Binance P2P and how to use it ?
How to transfer cryptocurrency to p2p wallet?
How to sell cryptocurrency in local currency via p2p (any country or coin)(screen shot neccessary to verify account)- Question no 4:
What are the things to keep in mind during P2P trade and descrbe its four advantages and disadvantages.
Question no 1:
Define Death Cross and Golden Cross in your own words. And what is the significance of DC and GC in trade? And what effect do these two have on the market?(in your own words.)
Define Death Cross and Golden Cross:
Death Cross:
Usually when a certain cryptocurrency chart crosses the short-term moving average of 50 averages and the long-term moving average of 200 averages downwards, it is called a death cross. Death cross is very popular in terms of technical analysis. This death cross may be an indication for us and the market that it will now go short and the market will now go downwards.
This death cross is a very useful thing for an investor. When an investor sees a death cross in his invested market, he indicates that I have to get out of the market and place a sale order here. He then orders it cell. Because now the market will move towards bearish. Then it is in downtrend so I have to sell the coins now.
This death cross is very important for both short-term traders and long-term traders of the market. This is a bearish signal for both. Those who trade long-term must look at the long timeframe and those who are short-term traders must look at the short timeframe. Whenever a death cross occurs in their timeframe, it will be a signal to them that the market will now go bearish and now they have to sell it.
Golden Cross:
50 moving averages are called short-term moving averages and 200 moving averages are called long-term moving averages.The Golden Cross is defined as the 50 short-term average crosses the 200 long-term average in a cryptocurrency chart. This golden cross can be a very good signal for cryptocurrency investors. Through this golden cross it is understood that the market is now in a bullish mood and the market will now go upwards. Here a cryptocurrency investor will buy crypto coins as much as he can, here the Golden Cross signals to an investor that the market is going up here so buy orders can be placed here.
If a long-term investor is trading here, this could be a good sign for the Golden Cross. He must then see in the long-term frame that whenever the Golden Cross occurs, he will be able to place a buy order in any market when he finds the Cross, and short term traders will be able to place a buy order in the short timeframe when they see this Golden Cross. You can. Because it signals that the market is now in a bullish mood.
Significance of DC and GC in trade:
Death Cross:
The significance of the Death Cross is that since 50 short-term moving lines cross below the 200 long-term moving average, this means that it is lower than the long-term moving average price in recent times. It is therefore often accompanied by bearish signals. Here it indicates to a cryptocurrency investor that the market is now on a downtrend. So many investors here will order sales, then the market goes downtrend.
This works for both short-term and long-term, but the short-term trader must trade by looking at the short-term timeframe, and the long-term trader will always trade by looking at the long-term timeframe.
Golden Cross:
The Golden Cross means it gives us a signal that the market will now move towards the bullis. In that case a cryptocurrency investor from there will order bua as much as he can. If the market goes uptrend from here, then he will be able to make a good profit from here. This is a very good advantage for cryptocurrency investors.
This applies to both long-term traders and short-term traders but must use short time frames and long-term traders must trade using long time frames.
Effect do these two have on the market?
Death Cross and Golden Cross These events severely affect the market. When the death cross occurs, cryptocurrency investors come out of the market with orders from here, then the price goes down a lot because everyone wants to sell their coins from here, so the price of coins goes down here because the sales are much stronger. On the other hand, whenever the Golden Cross happens, many investors invest in this coin in the hope of making a profit, and when a lot of investors are added to a coin, its price goes up.
So in this case death cross and golden cross affect the market a lot more. However, the maximum investor prefers the Golden Cross. Because when it becomes a golden cross, the investors increase and the price also increases.
Question no 2:
Explain the points given below.
- How many days moving average is taken to see Death cross and Golden cross in market for better result and why?
- How to see death cross and golden cross on the chart.
- Explain Death cross and Golden cross on the chart.
How many days moving average is taken to see Death cross and Golden cross in market for better result and why:
Golden Cross and Death Cross In order for this to happen, one must cross the 200-day long-term moving average and the 50-day short-term moving average. For example, by Golden Cross, we mean that the moving average of the last 50 days will cross the moving average of the last 200 days. Through this cross we get the idea that now the market will go in bullis mode and from here we will place bua orders. We will have the potential to benefit from this. Many traders expect this for the Golden Cross. Because this Golden Cross they can actually make a very good profit from here. Death cross means that the short-term moving average of the last 0 days will cross the 200 day moving average downwards. This means that now we get the idea that the market will now go into a bearish mood. The market will go down now so everyone sells orders from here.
Experts say that it is natural to get good results from moving averages and many studies have shown that it is better to choose 50 days as short-term and 200 days as long-term moving average. It is convenient to use and it gives a good idea and understanding about the market. So that a trader can achieve success and profit by trading with this idea.
It is very difficult to understand the market of short timeframe. But understanding the market in a long time frame is much easier. If good research can be done about the moving average in the long-term market rather than the short-term, then good results can be expected. Short-term timeframe to long-term timeframe signals are much more effective.
How to see death cross and golden cross on the chart:
I will use the tradingviewcom website to view the charts
STEP-01: First you have to enter this website tradingviewcom , after entering there will be an option at the top of the "chart" you have to click CHART.
STEP-02: I have chosen BTC / USD pair here
STEP-03: Then you will get an option at the top by clicking on that option called FX, typing ma in the search button will move the moving average. Click on the Moving Average button.
STEP-04: After clicking on the Moving Average button, 1 Moving Average will be added to your interface. After adding, there is a setting button, you have to click on that setting button, after clicking, 9 will be given here in the first position.
STEP-05: First, since I will set the short-term moving average, I will give fifteen here.
STEP-05: Since then I have to pay one more long term moving average. Adding a new Moving Average in the same way we gave the Moving Average above, here I will set 200 for the Long Term Moving Average.
- This way we can easily add Long Term Moving Average and Short Term Moving Average to our interface.
Explain Death cross and Golden cross on the chart:
Golden Cross:
Above we can see a screenshot and in this screenshot we must have noticed that there was a golden cross above. This golden cross was first seen on July 29, 2021 at 9:25 a.m. And here we have noticed one more thing and we can see that when the moving average of 50 has crossed the moving average of 200, a bullis mood has been created right after the crossing i.e. the price has gone up a lot from here.
We already know that when the 50 moving average crosses the 200 moving average, it is called the Golden Cross. Whenever the Golden Cross appears, the market will naturally be in a bullish mood and a cryptocurrency investor will buy from here and the price will continue to rise as everyone will do it once and for all. In the market, we can see that the market is moving in a bullish mood after the golden cross.
Death Cross:
From the screenshot above we can see that 50 moving averages have crossed 200 moving averages downwards. This Death Cross was held on May 29, 2021 at 7:41 AM We have already learned that when the 50 moving average crosses the moving average downwards, it is called the Death Cross. When death crosses, it means that we know that the market will go into bearish mood and we can see in reality that the market is going down. When death crosses, we know that the market goes down and from here cryptocurrency investors or those who trade sell orders.
Question no 3:
- What is Binance P2P and how to use it ?
- How to transfer cryptocurrency to p2p wallet?
- How to sell cryptocurrency in local currency via p2p
What is Binance P2P and how to use it?
Binance p2p is a decentralized exchange platform that helps us a lot in trading. At Binance we can exchange the currency as we wish. With binance p2p I can select a coin of my choice and I can get the coin for any one coin. I think I will sell one of my USDT coins today and in return I will receive BDT which is a currency of my country.
Since I will sell USDT here and the USDT sold exchange I will take BDT payment, through my mobile banking. In that case there is an option in the banking system that I want to take payment in any way. There is an option to select it, the selection company will show me only those who can pay me in my payment option. I can see a lot of sellers there and the sellers will put their price there. There will be a price in front of each seller, how much he wants to buy this coin, that is, how much BDT he wants to buy. And it will also be given that he will be able to buy minimum USDT and maximum USDT.
I can sell to anyone I like. When I select one, I will sell the coin to him. In that case when I click on the sale option, this coin will not go directly to him after clicking but the finance company will hold it to them and the payment option that I have selected will come to me when the seller pays me. Then the banking company will tell me that the seller has paid for it. If I have received the payment, I will click the confirm button there. This transaction will be completed as soon as I click the Confirm button and at the same time go to the USDT seller I provided.
How to use it
STEP-01: Binance p2p To use this service, you must first login to Binance. I have logged in to my account.
STEP-02: After logging in to the account you have to click on the wallet icon and after clicking on the wallet icon you will get an option p2p. Now you have to click on p2p.
STEP-03:After clicking on P2P it will open in front of us and we can see the currencies here. We can trade these if we want
How to transfer cryptocurrency to p2p wallet?
STEP-01First we need to click on the wallet icon, then click on the fiat and spot button.
STEP-02: Then a button called Transfer will appear. You have to click on Transfer button.
STEP-03: After clicking the transfer button a page like the screenshot will open in front of you.
FROM- fiat and Spot
To-p2p
Coin- The coin you want to sell through p2p.
Amount-Put the amount of coin you want to take in p2p here.
After filling these correctly, click on the confirm button. After clicking the confirm button, it will be added to your P2P balance.
How to sell cryptocurrency in local currency via p2p?
STEP-01: The coins that we will sell after coming to p2p must be in the balance of p2p. I have 4 USDT in my p2p balance and I will sell it. For this you have to click on the sell button.
STEP-02: This time we will give the payment method the way we want to take the payment. Then this payment method will show you the IDs of those who can pay you. You will select any one of them. There is a special caution here, the completion of which is higher, you will select him.
STEP-03: Here we will give the amount of the coin we want to sell here and I will also select the payment method of the way I want to take the payment here. Then I will click on the sell USDT button.
STEP-04: After that an interface like this will come and a message box will come on the right side, we can talk to that boy if we want.
STEP-05: When he pays in my payment method, I have to click on confirm release button.
STEP-06: Clicking the Confirm Release button will open such a window. Click here "I Confirm that the Payment Successful Receive Amount and Center Information" and then click the Confirm Release button again.
STEP-07: Then a code will be sent to your mobile number to confirm the order, the code will be confirmed by clicking the confirm button here.
STEP-08: This time you will give us a message that the order is complete.
Question no 4:
What are the things to keep in mind during P2P trade and descrbe its four advantages and disadvantages.
KYC Must: If a person has to trade on p2p central exchange here, then he must be a KYC verified user on this binary exchange site. This is a safety issue for both.
Chat system: The chat system is a very important feature of this p2p exchange and in my opinion a very effective method. Because if we sell a coin, I can talk to that buyer directly via message. If he has any questions he can ask me, if I have any questions I can ask him. This is a very good feature.
Completion Rate: When I sell a coin through Pitupi Exchange here, many buyer's accounts come in front of me. In that case, through this feature and also through this Completion Rate system, I can understand how many orders a buyer has completed. We do not bother to find the right person.
sell or Buy Limit Amount: Another nice feature here is the limit amount. If I want to sell a coin, I can easily see those who will buy a few from me, the minimum amount a buyer will buy and the maximum amount he can buy. I can deal with him very easily without any confusion.
Payment Confirmation System: Above I completed an order i.e. I sold a coin and that order was completed. One of my experiences in this case is that when I go to sell a coin, the coin is not deducted from me but when my payment goes to the payment method given by me, a window opens in front of me to confirm the order. After I click on confirm, my amount is deducted from me.
Advantage:
Due to the Binance p2p trading system we can complete a transaction with utmost fidelity. Otherwise I would not have been able to transact with such fidelity if we had gone locally to complete this order in my own currency i.e. in our native currency.
Using binance p2p system we can easily complete one of our transactions very quickly.
One of the great advantages of binance p2p exchange is that I can sell any coin from here in my own local currency and bring it to my account. I can use the mobile banking system and receive money from my home without going outside.
One of the great advantages of BINANS p2p system is that there is no transaction fee on p2p platform. I can easily and securely transact here without any fee.
Disadvantage:
Scams are a big problem and there are scam accounts in this p2p market, so those who are new or inexperienced are more likely to use this p2p to steal money.
Those who have low budget users face problems with a higher limit.
The higher threshold may seem too low for those who have a high budget user, they would be better off with a slightly higher threshold for the p2p market.
There is no insurance in this P2P market if someone loses his coin while trading.
Conclusion:
Finally, I would like to say that if anyone wants to enter the trading industry, he must have an idea about the moving average and one of the most important things in the moving average is the Death Cross and the Golden Cross. Because these things are very important when it comes to trading and these help a lot for a trader. So through today’s post I have been able to gain a lot of knowledge on this subject.
From today's course I learned some very important things, many of which I did not know before. Today's professor's lecture on trade in particular has taught me a lot and I knew a lot about the Binance p2p market, but I didn't know much about it, so today I have a lot more ideas about the Binance p2p market.
Hi @kawsar
Thanks for participating in the Steemit Crypto Academy
Feedback
This is good work. Thanks for demonstrating your understanding of GC, DC and the Binance P2P trading.