[BTC/USDT BUY]-Steemit Crypto Academy | S6W1 | Team Trading Contest Post for Crypto-Empires

Hello Everyone,

I'm excited to join this team Crypto Empire for week 1 of the Team Trading Contests. My regards to the leaders and professors of this team Professor @reddileep and Professor @abdu.navi02

The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.

BITCOIN (BTC)
Bitcoin is a decentralized digital currency which was created in January, 2009. The ideas on how the token was created was uploaded on Bitcoin.org by the unknow known as Satoshi Nakamoto. The white paper contains the ways the blockchain was made decentralized and other vital information. Till date, no one has been recognized as the creator of the technology and still remains mysterious. Bitcoin can be used as a means of funds transfer with a much lesser transaction fees than most traditional online payment method. Bitcoin is decentralized and that's another advantage of of it, you have control of all activities happening on your account which is different with our banks.

Bitcoin is made safe and secure with the use of cryptography. Balances are public on a ledger where everyone can see but it is encrypted which means no one can make changes to the history. Since bitcoin is popular and the first technology in the blockchain, it has been able to create the launch of other cryptocurrencies with the same technology as bitcoin. These tokens are referred to as Altcoins

STATISTICAL ANALYSIS
Looking at the statistical data of Bitcoin on CoinMarketCap, the trading volume is $36,602,937,948 USD for the past 24-hours. Bitcoin has been down for the same period with a percentage of 5.88%. The market cap as of the time of writing this post is $685,990,076,513 USD down by 6.8% with a circulating supply of 18,967,275 BTC and a max supply of 21,000,000 BTC.

_{Screenshot from CoinMarketCap}

Technical Analysis


_{Screenshot from TradingView}

I woke up this morning to see the falling of Bitcoin below $3500 and this is due to the war between Russia and Ukraine. Currently the price of the asset is pulling back in bullish trying to correct the price, i see it an opportunity to gain a little profit back form my loss from the last trade. Right now the market wont be stable and the only opportunity i see to make a short trade with less risk involved. I think the price will solely depend on what is going between the two countries. Hopefully its resolved.

Both indicators have given me a positive signal including the price which is making a reversal into bullish. The Ichimoku indicates the volume keep increasing. The price might break the first resistance heading to the cloud which is less likely to happen.

The RSI indicator, is from the oversold region heading to the 50 mark to which i believe will make a reversal after reaching the 50 mark. This is the reason i decided to make a short entry to the market.

I bought $12 worth of BTC with the BTCUSDT pair, placed my takeout profit at $36,321 with a stop loss of $34,741.

_{Screenshot from Binance}

Why am I optimistic about this token today, and how long do I think it can rise?

With the use of the statistics above, I genuinely think the current uptrend is just a price correction which I'm trying to take advantage of. In hours time, I believe it will get to hit around $36000 before the next bearish. The reason for this is the war between Russia and Ukraine resulting to people exiting the market for whatever reason. The war is not yet over and so the market wont be stable just yet.

My Plan to Hold BTC long or Sell

As already stated, my plan is to hold short probably some couple of hours thus when it hits my first support level. Right now the market wont be stable and will be difficult to read until some couple of weeks time.

Would I recommend people to Buy BTC

I definitely won't recommend anyone to get into the market right now. We dont know how the war will affect the world economy and what extend will it get to. Right now we should relax and observe because there are so much price corrections to take place in the next days. If you still want to take the risk, it should be a short term trade preferable a day trade.

This is the trade of the day, see you the next day...