REPOST [BNB/USDT TRADING- SELL] Crypto Academy Trading Competition - S6T4 | TEAM REMINANE
About Project
Insight to BNB
The Binance Coin is the cryptocurrency that has was issued by Binance (largest cryptocurrency exchange in the world as of January 2018) exchange and it trades with the BNB symbol. The BNB was first of all based on the Ethereum network but at the moment it is now its native currency of the Binance blockchain known as the Binance chain. It was created to be used as a utility token in 2017 for discounted trading fees, but at the moment its uses have grown to many other uses like paying for transaction fees (on Binance Chain), online and financial services.
The Binance coin was lauched during an Initial Coin Offering (ICO) in 2017 July with a maximum of 200 million BNB tokens in the following proportion; 10% to angel investors, 40% to the founding team and the 50% left to the different participants via the ICO process. At the moment, Binance raised $15 million in bitcoin and ethereum of which 35% was kept aside to upgrade the platform and exchange system, 50% for its branding and 15% used as a reserve for emergencies of unforeseen circumstances.
Binance was founded by Changpeng Zhao, a developer who first created high frequency trading software. Its headquarters was first in CHINA but later moved to the Cayman Islands due to the Chinese government’s growing regulation of cryptocurrency.
Uses of Binance Coin
- The Binance Coin may be traded for other cryptocurrencies on different exchanges all based on the restrictions put in place by the exchange.
- It can be a form of payment for cryptocurrency credit card bills for example on crypto.com
- Is used to pay for transaction fees on the Binance exchange, traders too can receive a discount in so doing.
- Traders can invest in ETFs, stocks and also other assets using the Binance Coin.
- Binance offers the possibility of converting dust (small amounts of coins) to BNB.
- Can be used for the booking travel arrangements, hotels, flights, for paying for virtual gifts to buy lottery tickets.
Exchanges
The BNB coin can be found in its original exchange itself being Binance, and so many others that are listed below;
With the aid of information gotten from the professors in the recent weeks, I will use a combination of the Median indicator and the MACD in the execution of my trade. Also, I will like to use the different timeframes to better choose the order which corresponds to the market so as to make profit.
1-day analysis
As seen above, a level of support and resistance was set by prices for a couple of days. It brike out of the resistance at a time but later on retraced to continue its consolidation state until it finally successfully broke out of the resistance zone.
1-hour analysis
As seen, the level of resistance was broken followed by a sweet uptrend characterized by a lengthy greenish band of the Median indicator. This is pre-seen by the bullish crossover seen at the level of the MACD indicator.
15-minute analysis
A slight appearance of an overlap is noticed as the purple band emerges. This is further confirmed by the MACD indicator as a bearish crossover is experienced. This leads me to change the timeframe to again better understand what the market is experiencing at the moment.
5-minute analysis
Here lies the actual timeframe that I will like to use. After confirming from the 15-min chart of a sudden crossover, it is further confirmed from the continuation of this band downwards. As such, a sell order is entered with a stop loss at $437.4 and a take profit at $434.6 with results shown below;
Binance is the 4TH major cryptocurrency exchange in the world as seen below;
Listed by market capitalization, the top marketplace tokens by market capitalization are listed below with BNB rightly seen at the top.
Using these two points listed above, I intend on keeping this coin for as long as possible as it is evident the full potential of the BNB marketplace has not yet been fully unlocked yet it stands at position 1. This is to suggests that the price of the token is anticipated to only increase as years pass by as part of their tokens are burnt over time making them much more valuable.
Seen above are information pertaining to its market volume and also trading volume for 24 hours. As of this time of writing, BNB stands at $436.77 with at ATH of $675. This information is shown below;
Yes, I recommend people hold this coin as I personally am invested in it as well. If the whitepaper of Binance is followed, it will be noticed that 20% of the BNB token’s profits is used to buy back and also burn the Binance coins. It will continue to buy back and burn these coins until the amount has resulted to 100 million binance coins which accounts for 50% of its total supply. This act ensures the finite supply of the Binance coin, which makes it scarce and as a result more valuable.
The BNB project is a very vast and interesting one which is judged based on individuals. I will like to note that all information written above is NOT to be used as financial advise but solely reflects a trader's ideas. I will like to thank the professor's of this academy for helping me better understand the market in the little way I can and also participate in this very intriguing contest.
CC: @reminiscence01