Crypto Academy Week 14- Homework Post For [@stream4u]

Hi everyone,
Hopefully, all of you will be good and enjoying your health with the grace of God Almighty. Welcome to this post and I am very much excited to make the homework for dear professor @stream4u from India. This post is actually the homework submission of his task. I have gone through the whole of the lecture post and I have understood all the points quite well. So, let's start our today's task.

Snappa.com

Today our topic of discussion is Reverse Strategy and Review of Coingecko. There are some questions asked by the dear professor as the assignment of this task. So I am going to discuss all of these questions one by one briefly.

Technical Details On Reverse Strategy

As all of us know that the market of cryptocurrencies is so volatile that sometimes it is seemed to be very difficult to predict the condition and trends of the market in the future. However, there are some strategies in crypto trading that are considered to be useful for one to predict the trends of the crypto market. So one of these strategies is the Reverse Strategy which is used to determine or detect the Bullish or Bearish trends of the values of specific coin pairs. If the long-term Bullish or Bearish state is observed in the market then the Reverse Strategy is applicable.

Working Principles:

In the technical analysis, while studying the charts of different coins and cryptocurrencies, there come such situations when the viewer observes the prolonged Bearish or Bullish trend. In this situation, it is difficult for the traders to analyze that whether their investment would prove profitable or they have to face the loss.

Let's consider that a chart of specific assets is showing the Bullish or Bearish trend, the investors or the traders have to take their steps very carefully with a proper investment plan. If there is a Bearish then it is predicted that the Buy state is coming soon. But what can one do when the market reverses his thinking and the order goes more Bearish. In such conditions, the Reverse Strategy is used to avoid oneself loss or harm.

The best and the more profitable way to face such conditions is to wait for the next round of the trends means to say one day round. If the coin or the asset is showing a further bearish or bullish state then it is time to use the Reverse Strategy.

For instance, let's suppose that a chart of an asset is showing the bearish condition. The investor or the trader has to wait for the next round means the next day. One has to wait for a day(24h) to consider the Long Bearish which may be a day change probably equals to the -20% or even more. In this period of time, when the sellers exit the market and the new buyers enter the market, there will be a pull on the bottom of the price of the asset. The points to note in this period are the Opening point, Close Point, High Point, and the Low point.

The Reverse Strategy depends upon the Close Price of the previous day and the Opening Price of the next day. If the Opening price of the new day is somewhere close to the Closing Price of the previous day then there will come the Buy Order for the traders. It is the position for the traders to enter the market and to set the target of their selling stage to the High Point of the last day. If the price reaches the high point of the last day then this will be a better position for them to sell their coins. But if one waits and predicts that the price of the asset will go further upward and if it happens then anywhere in this condition, will be a good exit point for him.

Graph Example:

As we have discussed the Reverse strategy in the above section briefly. Now I am going to discuss an example of the Bearish Reverse Strategy and the Bullish Reverse Strategy.

In the above screenshot, you can see that the Long-term Bullish trend appears and then there comes the Bearish Trend which is again followed by the Bullish and so on. This is the implementation of the Reverse Strategy. There are two types of Reverse Strategies which are the Bullish Reverse Strategy and the Bearish Reverse Strategy accordingly. You can see both of the Bearish and the Bullish Reversal Strategy.

Review Of COINGECKO

Now I am going to discuss the second task of this homework which is all about the COINGECKO. So let's discuss what is CoinGecko and the deep details about it.

What Is COINGECKO?

As we all know that the prices and the values of cryptocurrencies are very much volatile and traders should keep a constant eye on the increasing and decreasing values of the crypto assets while trading in them. So, there is a number of platforms and websites which allow them to do so. CoinGecko is also one of them.

CoinGecko is a platform or simply a website where users or traders can get basic and deep pieces of information about different crypto assets. These pieces of information include the current prices of the assets, the market capitalization of the tokens, exchanges that allow the exchange of these coins or tokens, current running or flowing volume of the coins, and much more.

As you can see in the above screenshot, there are about 7402 coins including the crypto tokens, assets, digital coins, and stable coins, etc which are currently available in the CoinGecko. Brief details about all of these coins are provided on the platform. You can also see the number of exchanges where the users can exchange their coins with other coins. Currently, there are 473 exchanges in the CoinGecko platform.

How COINGECKO Can Be Helpful for you in a Crypto Market?

The CoinGecko is a very helpful and profitable platform for all of those who are interested in investing in different coins and trading these coins at different places.

• The CoinGecko platform is very helpful and significant in determining the performance and the market trend of different coins. This thing helps the traders to note out the coins having better performances and in this way, they are aware of the values and positions of different coins.
• The information of the coins provided by the CoinGecko platform allows the trader to find out the coins that can prove profitable and suitable for them. In this way, CoinGecko plays a very significant role in the coin selection for the traders.
• The market capitalization and the current volume of the coins that are provided in the CoinGecko platform are helpful to determine the market behaviour and condition of the respective asset.
• The price charts of the CoinGecko are also of unique significance for all the traders.

Explore COINGECKO features with information.

There is a number of features of the CoinGecko platform to explore the coins and the digitals assets. Some of them are as follow:

• Catagories:

The CoinGecko platform has divided all of the developed coins into different categories according to their nature and the means of development. You can the categories of different assets in the CoinGecko just by clicking on the categories option available on the home page of the CoinGecko platform as mentioned below screenshot.

By clicking on the categories option, you will be able to see different categories of the coins which have been developed.

There are 49 categories of coins in the CoinGecko platform at the current time. As you can see some of the categories in the above screenshot. These categories are including the Exchange-based tokens, Decentralized Finance(Defi), Centralized Exchanges Tokens(CEX), Meme Tokens, Stable Coins and many more.

• Prices of the Coins:

The homepage of the CoinGecko provides basic information about the trending coins in the market. As you can see in the above screenshot, you can see some basic information about different coins in a specific increasing order according to their values. The current price, 24 hours volume, market capitalization and the historical graph of the respective coins are shown on the home page of the CoinGecko.

• Recent Coins:

As the number of cryptocurrencies and digital coins is increasing day by day, the CoinGecko also provide information about the newly developed coins. You simply have to click on the Recently Added option available on the homepage of the CoinGecko.

As you can see in the above screenshot that the tokens that are recently added to the crypto world are seen in this screenshot. The time of their development and the basic information about these coins are provided in the CoinGecko.

• Exchanges:

You can also see the available and active crypto exchanges in the CoinGecko platform by simply clicking on the Exchanges option available on the homepage.

Now, click on the spot option available in the pop-up menu bar.

Now you are able to see the active exchanges for the exchange of the coins you own with the other coins you want.

You can see the available exchanges which are centralized as we have opted for the Spot option. There is a number of exchanges for the exchange of crypto coins with other coins. All of these exchanges are listed in the above screenshot according to their rating.

• Portfolio

One of the most unique and the most useful feature of the CoinGecko platform is that it allows its user to develop their own Portfolio in which they can add the coins according to their likings and needs. One can add the coins in which they want to invest. They can keep a constant eye on the variable prices of the coins. One can make his Portfolio by following these steps:

First of all click on the Portfolio option available on the homepage of the CoinGecko website or application.

If you are new to CoinGecko then you have to click on the Signup option.

Now, you have to provide the information that is needed and click on the Sign-Up button.

After registering yourself in the CoinGecko platform you can create your own Portfolio to keep a constant eye on the prices of the coins that you own in your crypto wallets.

Currency Choice:

Another amazing feature of the CoinGecko is that it allows the users to see the price of different coins in the currency which they want. If someone wants to see the price of a coin in this native currency then he would have to follow the following steps:

First of all click on the currency which is currently selected.

Here you can see a number of currencies and coins. You can choose any of the coin or the currency which you want and you can find the currency by searching it in the search bar.

There are many more features of the CoinGecko platform but I have discussed some of the above.

Weekly Price Forcast For Crypto Coin TRX/USDT Pair

Here I am going to discuss the price forecast of the TRX token compared with the Tether Stable Coin (USDT). So let's start the prediction of the price of TRX for the next 1 week.

About TRX (Basic Informations and all about TRX):

TRX is actually a token. It is the native token of the TRON platform which is one of the most impressive and growing networks in blockchain technology. Justin Sin was the founder of the TRON network who founded this network in 2017. Now, the TRON network is one of the most trending projects of the time. One impressive thing in this network is that all the transactions that are made in this platform are free of any transaction fee and the network is very much efficient in making the transactions. The current price of the TRX token is $0.086880. The TRX token is currently falling at the rank of 23 on the basis of market capitalization. The market capitalization of TRX is $6,244,689,018 at the current time. The current circulating supply of the TRX token is 71,660,220,128. All of this information is mentioned in the screenshot below which is taken from the CoinGecko platform.

Why TRX?

The question arises as that why I have chosen the TRX token? There are thousands of tokens and coins are in the crypto ecosystem but I have chosen the TRX token due to its unique and significant market behavior. The TRX token is showing an impressive market trend. I also like the Tron platform because it is a very profitable and comfortable network in the crypto ecosystem. One of the main reasons is that the transactions made on the Tron network are charged with a negligible fee. Another reason for selecting this token is that the Tron platform is an efficient and well-working network as this network can proceed out more than 200 transactions per second which is really an impressive nature of the TRX token.

Technical Analysis of TRX/USDT Pair:

Now, I am going to predict the price of the TRX token for the next 1 week. This price forecast is based upon the Support and the Resistance points accordingly. Here I am going to predict the price of the TRX/USDT pair for the next week on the basis of the REVERSE STRATEGY, which I have learned today in this lecture. I have observed the bearish and bullish trend in the graph of the TRX/USDT pair.

As you can see in the above screenshot that the current price of the TRX is $0.087997. The graph of the TRX/USDT token presents the Reverse Strategy as the resistance and the support levels are mentioned in the above screenshot. The TRX token is showing a downtrend at the current time.

In the above screenshot, the Support and the Resistance point of the TRX/USDT graph. Keeping in view, the previous trend of the TRX market I predict that the market trend of the TRX token when compared with the USDT will show an uptrend in the next week.

As mentioned in the above screenshot, the high price of the TRX in the previous week is $0.172128. According to the reverse strategy, the TRX will show an uptrend in the next week.

Result of my analysis:

By keeping in view all the technical analysis, I predict that the next low will be 0.085467 USDT in the next week. The next high in the coming week will be 0.134567 USDT. These all are only my predictions. The changing in the trends of the market of TRX/USDT might be possible in the volatile market of cryptocurrencies.

Conclusion

The market of cryptocurrencies is so volatile that one must have to utilize different strategies to earn better from the volatility of the market. Reverse strategy is also one of the most common strategies in the crypto graphs which is used to get profit from the long-term bullish and bearish trends of the markets. CoinGecko is a platform that provides brief information on different coins and tokens that are present in the crypto world.

That's all about today's task. Thanks to all of you to stop here for visiting my post. Hopefully, all of you will like my this post.

Special thanks and mention dear sir @stream4u for such an amazing lecture.

Credits: @steemlover63