Steemit Crypto Academy Season 3 - Week 3 || Introduction to technical analysis of price patterns
Question 1
Perform the staking on a plaform of your choice.
I chose trust wallet
Why I chose trust wallet.
Trust Wallet is a mobile wallet use to store crytourrency. It offers you a secure and easy place to store your asset outside of Binance, with lot of features built in to improve your crypto experience.
I chose it due to some reasons which include;
- Free to use.
- It have DApp browser.
- Multi-asset.
- It is decentralized.
- Private and secure
- You can swap your coin.
I will stake with SmartChain using trust wallet.
How to link trust wallet to the Pancakeswap.
Click DApps at the bottom
Click on search and Search for Pancakeswap
Click on connect to connect to your trust wallet
Swap and Stake cake coin on decentralised PancakeSwap exchange with Trust wallet
Click on pool
Enter the amount you want to swap and click swap
Click on confirm
Let go through the staking process.
Click on enable
Click on approve
Click on stake
Enter the amount you want to stake and confirm stake
Stake done
As you can see in the screenshort
- The APR is 74.76%
- The stake is 0.33410
Therefore, If the coin remain stable in 1 year I will have 24.643216 coin.
Question 2
Pick 3 cryptocurrencies and perform a 7-day and 30-day technical analysis. Draw trend lines and describe whether the coins are in a continuation or reversal pattern. Take screenshots.
BTC 7 days technical analysis
Continuation pattern
BTC 30 days technical analysis
Continuation pattern
Dogecoin 7 days technical analysis
Continuation pattern
Dogecoin 30 days technical analysis
Continuation pattern
Ethereum 7 days technical analysis
Continuation pattern
Ethereum 30 days technical analysis
Reverse pattern
Question 3
How can we differentiate a bearish season from a bullish season in the market?
The terms bullish and bearish tells whether traders think that the prices of a cryptocurrency will raise or fall in the future.
Bearish season is a period considered to exist when there has been a decrease in the price of the cryptocurrency with 20% or more from the highest point. A season in a long term downtrend, with persistently falling prices, is called a bear market. For instance, a trader or investor might say, "I am bearish about BTC going into the summer, " which in other words means that he thinks the price of BTC is likely to decrease in the early weeks of summer.
A bullish season is considered to be a 20% increase in recovery from a market bottom. Bullishness is a feeling or mindset adopted by a trader, thinking an asset will move up at price.
Bullish and Bearish season
Bullish season is a period to buy more assets while the bearish season is a period to sell assets to manage your risk.
Price increase in the bullish season while price decrease in the bearish season.
It is good to know the technical analysis of the crypto market to be able to predict what the price movement. There are also advantages to staking, you can make profit from it. Bullish and bearish season also essential thing to know in the world of cryptocurrency so as to know the right moment to buy or sell.
Thank you for participating in Season 3 of the Steemit Crypto Academy.
The formula for calculating the APR is as follows: