Steemit Crypto Academy | Season 3 | Week 5 | Market Patterns and Blockchain Projects | For professor @imagen

Question 1

**Choose at least 1 of the following cryptocurrencies.

Axie Infinity AXS
Chilliz CHZ
Cardano ADA
VeChain VET
Make an investment of $ 12 or more. Show screenshots of the process. Why did you choose this cryptocurrency? What is it Market Capitalization? What is it position in the cryptoasset rankings? What is the objective of the project behind this coin? Who founded this coin? Show the roadmap. What is the specific purpose of the cryptocurrency?**

Make an investment of $12 or more

I will like make an investment of $16 on Axie Infinity AXS.

First visit binance.com. Go to market and search for AXS

Click on it

Enter on the amount AXS you wish to buy and click buy

Now we have $16 AXS

Why did you choose this cryptocurrency?

I choose this crypocurrency because it have a good future. It have a huge speed of growth. I has a strong backup due the massive users of gaming Blockchain. The gaming Blockchain has 350,000 daily active users on the platform, about 40% of the user are Philippines, and also Venezuela and US. 1st of January 2021 Axie Infinity price was $0.5562. Now the current price as at the time of writing is $47.

What is it Market Capitalization?

The market capitalization is $2,866,752,430.

What is it position in the cryptoasset rankings?

It is rank #35

What is the objective of the project behind this coin?

The objective of the project is to create a fun and educational way to introduce the world to blockchain technology. And also to empower players and offering players economic opportunities.

Who founded this coin?

It was founded by the Vietnamese developer Sky Mavis. He create coin to the reward of user of a blockchain gaming platform. The game have do with cute furry species refers to as Axies, which users breed, acquire, train, use to accomplish a task, and fight with online. The intended purpose of this game is to get small love portion which is (SLPs), which can be utilize in other breed new Axies and eventually be sent within the game.

What is the specific purpose of the cryptocurrency?

Axie Blockchain economic was designed to reward the players of the Blockchain game for their contributions to the ecosystem.

Question 2

Explain in your own words what the "Evening Star" pattern consists of. What is its hit rate?

An evening star candlestick is usually by technical analysts and traders to identify when an uptrend or downtrend is about to reverse. It is a bearish candlestick form and it comprises of 3 candles: one long green candlestick, one small candle and one red candle

The first formation of the evening star pattern is a long bullish green candle. The bulls are indeed in control on the first day, usually reaching new highs. The second day begins with a bullish shift up. It obvious from the opening of the second that the bullish are in control. Even though buyers don't push the price much higher. The candlestick on the second day is always small and can be bullish, bearish or neutral.

A bearish candlestick on the second day is a stronger signal of a potential reversal. But it is that of third day that is very important. The third day begins with a gap down. This's a bearish signal. Bear can diminish price even further, sometimes eliminate the gain of the first day.

This pattern shows at the peak of an uptrend and indicate the slowing down of upward momentum. It makes the trader know a bearish move which create the foundation for a new downtrend.

What is its hit rate?
The hit rate is 72%

Question 3

Explain in your own words what the pattern "Abandoned Baby" consists of. What is the percentage correct?

An abandoned baby is a surprising sight in the real world; it is an uncommon reversal signal. Sometime, the abandoned baby will be a Bullish, and other times it will be a Bearish. Either way, it shows the possible reversal of a particular trend. It consist a small doji on its own (the baby), the other candles little bit higher or lower (the parents) — so it is very easy to identity.

The abandoned baby candlestick pattern consist of 3 bar reversal formation. It usual shows up after a sharp rise or drop. The real bodies and shadows can't overlap from bar 1-2 and 2-3. This makes it a very uncommon, unique, and dependable pattern at the same time. Even though the partern has a baby in its name.

This candlestick shows a sharp shift in velocity from the bullish to the bearish or other way round and usually catches the other side off guard.

Bearish and Bullish Abandon babies

The Bearish Abandon babies
You can identify the bearish abandon babies with 3 candles, 1 doji and 2 with real body creating the bearish and bullish abandoned baby candlestick patterns.

Bullish Abandon babies
You identify the bullish abandoned baby with 3 candles. The first is bearish (red) and then a gap to the downside. The second one becomes a doji, while the last candle create gap and ends as a green candle.

What is the percentage correct?
It is usual 65% correct

Question 4

Perform analysis for 3 and 7 recent calendar days for Bitcoin Do you identify any patterns? Show screenshots

Three day for Bitcoin patterns.
We have;

• The engulfment pattern
• Three black cows
• Evening star

The seven days Bitcoin patterns
We have;

• The white soldier pattern
• Black cows pattern
• Engulfment pattern
• Evening star pattern

Conclusion

It is good to know the market pattern in other to know right moment of entry and exit. The market pattern help trader to predict the market. The Blockchain project help investors to know the right cryptocurrency to invest.
Thank you professor @imagen for the lecture.