SFP/USDT Sell Short | S6T2 - Team Trading Post for Team Frontline
.png)
Cover Image - https://www.canva.com/
This is the Source of above image.
👉 Brief Introduction of the SafePal Project (SFP)
For the last day, I have selected the SafePal Project as my Trading Coin for the day. SafePal is also defined as SFP as their native Token of the SafePal Project. SafePal Token is also known as SFP token. It is the utility coin in the SFP ecosystem. According to the white paper of the token, the token was found in 2018. SafePal is known as the first hardware wallet invested by Binance. Let's look at a screenshot of SafePal's official website.
Screenshot - https://safepal.io/sfp
👉 SafePal has 4 main components.
SafePal wallet- provides secure diversified wallet solutions for users.
SafePal wealth- It enables users to buy, swap, and trade crypto
SafePal Token-Drives the growth of SafePal products.
Ecosystem- Includes SFP partners, developers, and community.
SafePal token is the native cryptocurrency on, Binance smart chain powering the SFP ecosystem. SafePal has its own earning programs where the users can stake SFP and gain extra interest.
The token holders can enjoy special coupons from SFP. They can join campaigns on the platform. The token holders can claim special collectibles from SafePal.
According to my analysis, the SFP token contains a lot of discounts and facilities for its token holders.
👉 Which exchange can be traded on
SFP is another very popular and heavy potential project in the Cryptocurrency field. So, it has been listed with a lot of major exchanges including Binance,Gate.io, and Kucoin. Below I have mentioned the Top 10 exchanges that can be used as a Trading platform for SFP Tokens.
Screenshot - https://coinmarketcap.com/currencies/flow/markets/
👉 Why are you optimistic about this Token today
Same as the previous week, I am not going to buy this coin in my spot wallet. Because I'm not much familiar with this coin and I couldn't catch the exact bottom if this coin. However, still, if someone needs to buy this coin as a long-term investment, he can buy this token using the dollar cost average technique.
So, today, I will trade on this SFP token using Futures Trading. Because I'm much familiar with the scalping trading technique and today I will use a bit different technique. So, I will take my entry using a 15min chart as I need to exit from the market soon. This is because the market is highly volatile and these days it is really indecision. So, it's better to take entry points without wasting time. However, there is some good news too. So, it will be a better opportunity to gain higher rewards within a few minutes.
👉 How long do you think it can rise?
In fact, today this token has moved a good uptrend as compared to previous days. However, it can still go more when we compare its long-term high. But, Today, I wish to take my profits within a few hours or minutes as I'm following a 15min chart to take my entry and exit as soon as possible.
So, in this post, I will invest 10$ by multiplying it up to 100$ which means that I'm going to take my entry for 100$ using 10x leverage. However, today I wish to open a short position. Because today this coin has moved more than we expected and I will be able to take a small short entry during that price movement. However, the Trading strategy and the coin are different.
I have already completed the fundamental analysis part of this Coin above. So, it's time to do my technical analysis part. Here I've chosen the SFP/USDT pair and firstly I will analyze my chart using a 4h chart to identify the exact price movement and hidden price movements. Let's do it.
Screenshot - https://www.tradingview.com/chart/
According to the above screenshot, you can see the indicators which I have used in this Trading strategy. That is the RSI indicator. At the same time, I have used support and resistance zones to identify the exact support and resistance levels to place my entry and exit points correctly.
So, here you can see the RSI indicator shows a good hidden bearish diverges. However, still, I will further analyze the market using a 15minutes chart.
Screenshot - https://www.tradingview.com/chart/
Above we can see the price movement has reached for a considerable resistance zone in the 15min chart. So, I hope to see a good rejection from this zone as the RSI also shows a bearish divergence. Let's take our sell position.
Screenshot - Binance Mobile App(Futures)
Above I have clearly shown my Sell entry transaction details. You can clearly see that I have taken my entry from the exact location that I have marked in the chart.
After a few minutes, you can see the price movement has been rejected as I predicted in the previous charts.
Screenshot - https://www.tradingview.com/chart/
Below is my ongoing order that I taken after a few minutes for the sell entry. You can see the price movement has reached my expected 1st Target.
Screenshot - Binance Mobile App(Futures)
I have taken my entry using 10x leverage. Here I have closed my order from the exact location which I marked in the above screenshot that contains the price chart. I must mention that I have marked the nearest support zone to take exit point and nearest resistance zone to set my Stop-loss level as this is a sell entry.
According to the below screenshot, you can clearly see that Target has reached the same as my expectation. I have successfully earned 0.48USDT net profit for the 10$ investment that I earned within 10 Minutes.
Screenshot - Binance Mobile App(Futures)
Like I said earlier, I have already closed my order according to the relevant Trading Plan. And also, I have earned 0.48$ as my net profit for this 10$ investment. In addition to that, I also took some other quick entries also.
Definitely, I recommend this coin for anyone who is willing to take a good profit as a long-term investment. Because this Token has reached more than 3.5$ when we look at its all-time high price. However, as usual, if we take short-term entries like Futures entries, we should place a tight stop loss as it is very risky to take entry points in this very volatile market.
This is all about my Trading post and I thank you to professor @abdu.navi03 for including me in your valuable Trading Team.