Crpyto Academy. Season 2, Home Work 2: Price Forecasting by @sarkodieeric1 for @stream4u

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Hello friends on steemit, please I like to take this opportunity to thank steemit blockchain team for bringing such a program that may learn about cryptocurrency and have much knowledge about it. I am much grateful for following my previous Crypto Academy post and I will also give thank to my Cryptoacademy professor in the name of @stream4u for providing us with such wonderful presentation. We thank you alot for your research. My name is @sarkodieeric1

INTRODUCTION

Before I start with the Cryptoacademy season 2 home work 1, I will like to brief ourselves on Cryptoacademy season two home work one, my research was about Binance. And we got to know the meaning of Binance, brief history about Binance. I also looked at Binance Coin since the Binance itself is a wallet. And I also looked at the meaning of Binance Coin, the important of Binance Coin and also the trade value of Binance Coin. And how to transfer steem to Binance Wallet. And as a business man you have to plan ahead and because of that we be looking at what is MEANT by prince forecasting, the IMPORTANT or the need to forecast our price, the BEST method which can be applied for which will help to forecasting our price in the near future and we be looking at one cryptocurrency GRAPH and predict the future price.

Definition of PRICE FORECASTING

Before I define the meaning of Price Forecasting, I will like to explain what is meant by PRINCE and FORECASTING. What is PRICE, From English dictionary (Price is a cost required to gain of something or determine cost monetary value of an item). Forecasting is the act of estimating and predicting what will happen in the near future. Before you set up a business, you have to sit-up and plan for the amount needed for the business and also to plan about how the business will end in the near future. And predictions of or forecasting of financial resources will help to manage capital resources in the near future. Therefore Price Forecasting is define as the act of predicting commodities, product or services by evaluating the characteristics or the features of a product by looking at the current price of product or services and predict about what may happen in the near future. As a business man or woman it is very important to forecast the product of your services, which may enable you to see when you invest your financial resources to what you are planning to do or whatever you are doing now it will help you, that is you can gain or loss that aspect.

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Importance of Price Forecasting

1. It prevents unnecessary loss of income: Anytime a business person predict or know the incoming financial status in the near future it helps him or her not to waste his money.
2. It can enable a business person earn more income: When a business person know the future future price of a product it will enable him to invest more money to what he or she is doing.
3. It prevents loss of time and energy : When you know what is ahead of you, you may not your time on that which is not important.
4. It helps a business person to save more for the future : If a person who is doing business know the future price of a product he or she will save more capital resources to wait for the near future.
5. Price forecasting brings about confident in the one who is doing business.

Methods For Price Forecasting

1. Straight-line Method : It is one the easiest and first method that we can use to predict that which price of product without any complications.
2. Moving Average : This method is easy apart from the straight-line method and it is use to estimate data analysis of what is going to happen in the near future.
3. Simple Linear Regression : This method is much complicated when you compare it to those two methods, this one it is use to estimate two data analysis of a product.
4. Multiple Linear Regression : This method is use to estimate two or more data or variable project.

Crypto Asset Chart Graph

The above chart is the current price of steem which is been compared with the Ghanaian cedis. By looking at the chart you could see that the steem is falling and because of that if you invest your cryptocurrency you will loss.

Conclusion

It is very important for everyone doing a particular business have to do price forecating in other for him or she to know about what is ahead of him. Thank you so much for reading my season 2 home work 2.