[1INCH/USDT Buy] - Crypto Academy Trading Competition-S6W5| Team Trading Contest Post for Team Frontline
Hi steemians. Welcome to my trading post of the day. This exercise is submitted to Team Frontile since I will be working with Team one for the week. Today I Opened a long position on the 1INCHUSDT trading pair using my Binance account. I dig a futures trade of this pair.
1INCH is a network that joins decentralized protocols. It operates a DEX aggregator which allows the search of deals across different blockchain liquidity sources. This gives an advantage to users such that they have easy access to liquidity from different DEX into the 1INCH aggregator. This aggregator allows users to gain access to seven different DEX supported blockchains. It also provides a high price advantage to users as well as good security by auditing projects.
The security chain of 1INCH is such that it is non-custodial and allows traders to trade a single token on the different supported DEXs. Each contract on 1INCH gets audited by an auditing team.
The 1INCH token is available on different exchange platforms such as KuCoin, FTX, Kraken, OKEx, Huobi Global, and Coinbase. You can buy this token or trade it on the above mentioned cryptocurrency exchange platforms.
I saw a long position opportunity on the 1INCHUSDT trading pair via tradingview platform. Using the TEMA indicators and the RSI indicator, the 1INCH token was bullish. Looking at the solidity of this project, it’s worth trading. Since I was into futures trading, I didn’t rely much on news but on the technicals of this trading pair.
I applied two TEMA indicators on my chart, one of 55 - period and the other of 100-period. Whenever there’s a cross I have an entry opportunity depending on which period TEMA crosses the other. For this bullish move, I saw that the 50- period TEMA crossed the 100-period TEMA and was heading to the top side and this is a bullish signal. At this point the price was trading in an uptrend.
Secondly, I applied my knowledge of trend lines and flag patterns. I saw that a flag pattern was forming after an impulsive move to the upside and this flag was pointing downward. This is an indication for a bullish trend continuation and so I came to the conclusion that the price will trade further upward.
I placed the stop loss below a support and the take profit above the immediate resistance. The entry was made just after the flag pattern experienced a breakout to the upside. I waited for at least two successful bullish candles to form and I made an entry as seen on the following screenshot.
After making the entry, I watched the price delayed movement for a little while and I took screenshot of the trade progress on Binance and the exit criteria set up also.
We can see from above that the trade was already in the line of success but I will have to wait for a complete execution.
I am only trading this cryptocurrency for a daily trade and not to hold it for any time. This is a futures trade based on analysis and looking forward to see price hit my stop loss or take profit point in other to end the trade.
1INCH is a big project and I think after properly carrying out a long term analysis it’s advisable to invest in such projects. With the high volatility rate of price action for this token, one can easily carryout futures trading on this trading pair provided the analysis are done properly.
Due to the high use case of the 1INCH project, many Twitter users tend to support the movement of this project and mostly look into long term holdings. The official Twitter for 1INCH project is already verified and this gives credibility to the 1INCH project.
The 1INCH project has a very good use case and provides users with great decentralized trading opportunities such that users can gain access to different DEXs in one place ( the 1INCH aggregator). After carrying out technical analysis on the 1INCHUSDT pair, I concluded that it’s an opportunity for a long position to be opened.