Cryptoacademy Season 3 Week 6 | Cryptocurrency Investment Tools | Homework Post For @reminiscence01

HOMEWORK TASK
1.a) Explain CoinGecko and why it is a good cryptocurrency investment tool.
b) Explore CoinGecko and explain at least 5 unique features of the platform (Take a screenshot of the page).
2.a) Give a brief explanation of Tradingview platform.
b) Explain the steps involved in adding indicators on Tradingview chart. You can add any indicator of your choice except moving average. (Screenshots required)
c) With relevant screenshots, illustrate how to modify the indicator you have added to your chart.
3.a) In your own words, explain cryptocurrency Portfolio and Watchlist.
b) Explain the need for Portfolio management.
c) Select 5 cryptocurrency assets you wish to add to your Watchlist and explain your reason for selecting each of them. (Show screenshot of your Watchlist. It can be any platform).

COINGECKO

CoinGecko is a cryptocurrency platform developed by TM Lee and Bobby Ong in 2014, and provide all the needed information of the cryptocurrency assets to the investors to help them know more about the currency and take good decisions in the crypto market.

The CoinGecko platform is operated from Singapore, and it gives the basic analysis of cryptocurrency. It provides crucial information such as; market statistics of the asset (prices, market value, market capitalization), ideology behind the cryptocurrency asset (news from the world, publications etc. about the currency), the growth of the asset and many more . It has provide an avenue for those who do not have more knowledge about a certain asset, they want to invest in, to get to know more about it before they invest.

CoinGecko is a good investment tool, in a sense that, it provides to its users the details of over 5000 cryptocurrencies, and also the crypto market news, which help the investors to make critical analysis and take good decisions to maximize profits and minimize losses. It helpful to the investors by keeping the track assets.

EXPLORING COINGECKO

Click on the link https://coingecko.com/ to explore it, then after you will find various crypto assets with their market capitalization of the coin, prices, percentage increase or decrease in the last (1 hour, 24 hours and 7days), and the 24 hour volume assets. But in this explored CoinGecko Bitcoin is ranked 1st.

UNIQUE FEATURES OF COINGECKO

• EXCHANGE: This is the feature located on the CoinGecko homepage, that give users the overview of the ranked crypto exchange in the market, to help them know which one to use. It also displays dex, derivatives and spot as its sub menu.

• PORTFOLIO: This feature on coingecko allow users to select their favourite coin and monitor it achieve their progress. To use the portfolio feature you need to log in your CoinGecko account first and you add the asset you want by clicking on the star.

• EARN CRYPTO: This Earn crypto feature on CoinGecko provides avenue for investors to deposit usdt, bitcoin and other cryptocurrencies with annual percentage rate (APR). Also helps one do yield farming and half bitcoin. To use this feature you only need to click on the resources feature.

• RECENTLY ADDED COIN: This feature on CoinGecko displayed information about the coin that has been added recently to the platform, it includes; the time it was added, its current price, percentage of holders, 24hrs volume and others.

• NEWSLETTER: This feature on CoinGecko, provides the current news in the crypto market through their emails, to help them make critical analysis in the market. To use this feature you only need to click on the publication and then select newsletter.

EXPLANATION OF TRADINGVIEW PLATFORM

Tradingview is a trading platform that allow investors to trade online. It is an online market tool that provides inbuilt indicators and cryptocurrencies chart for investors to perform technical analysis in the crypto market.

Since the inbuilt indicators are crucial to every good investor, it provides over 95 such as the relative strength index, candlestick patterns, moving average and many more. Through the public library, investors are able to create and share their own indicators.

STEPS INVOLVE IN ADDING INDICATORS ON TRADINGVIEW.

Step1: click on https://tradingview.com/ and click on chart

Step2: click on indicator

Step3: search for BarUPDN Strategy and click on it

Step4: BarUPDN Strategy is successfully added.

HOW TO MODIFY AN INDICATOR

Step1 : click on the settings icon

Step2: apply your changes to modify it

CRYPTOCURRENCY PORTFOLIO AND WATCHLIST

CRYPTOCURRENCY PORTFOLIO

Is a market techniques used by traders to invest in various cryptocurrencies within the same time period to minimize losses in their crypto assets. It is good for one to expand his or her investment assets, since cryptocurrencies have high volatility, one could end up in losing everything. But when expanded one can at least make profit from one of the assets invested.

WATCHLIST

The watchlist platform is a feature available on several trading platforms, that comprises all the cryptocurrencies selected by a trade to tackle and monitor its performance. It help the trader to be able to know the performance few currencies from the many and monitor his or her coin of interest.

THE NEED FOR PORTFOLIO MANAGEMENT

The basic goal of every crypto investor is to maximize profits and minimize losses, which makes Portfolio management to be important in the crypto market. This because portfolio management allow investors to invest several cryptocurrencies with the assumption that when certain currencies perform badly to incur losses the others will perform good to make profit thereby minimizing losses.

FIVE CRYPTOCURRENCIES I WISH TO ADD TO MY WATCHLIST AND WHY?

TETHER
Since tether usdt coin is a stable, I wish to add tether to my watchlist because, I will like to invest without the risk of losing my assets, since cryptocurrencies have high volatility.

AXS
I wish to add AXS assets to my watchlist, because it has been on the resistance level and it seem to be trend reversal, which i wish to monitor untill the price drops to the support level for me to make a purchase.

BITCOIN
I wish to add bitcoin to my watchlist, because bitcoin has dominate in the crypto market, which has dip in its value and will soon reach a bullish trend. Due to its dominance on other currencies, it will help me get more knowledge on how those currencies are performing in the market.

LUNA USD
I wish to add this asset to my watchlist because, it has increased in the past weeks and now am seeing some decrease in it value and so I will want to monitor it for some time when necessary for me to invest and make profit, I take it as an opportunity.

DOGECOIN
I wish to add Dogecoin to my watchlist because it has been in a downtrend for a period of time now, where I could see that it will break trend, for me to invest and make more profits.

CONCLUSION
The lecture was wonderful, because i hav learnt alot, on how to make good trading decisions through Tradingview and CoinGecko.
Thank you professor @reminiscence01