[BTC/USDT TRADING -SALE] - Crypto Academy / S6T2- Team Trading Contest Post for Reminane
Greetings friends, hope we are all good. today I wish to submit my crypto academy homework task as conducted by team @reminane. Thanks for patiently going through.
The name and introduction of the project token, which exchanges it can be traded on, project / technical information of the coin/ team background, etc.
The token I will be discussing today is Bitcoin (BTC). This is a token that was deliberated in 2008, by some group of anonymous persons who precisely go by the name satoshi nakamoto. Nevertheless in 2009, this token was fully operational as a cryptocurrency.
Nonetheless in 2008, Bitcoin white paper was published which gave directions on how the currency should operate using a decentralized ledger which runs in batches and in other words, the streamlined transactions which are created in the ledger are called blocks, and this was secured using some cryptographic algorithms.
The first mining of the Bitcoin took place on 3rd of January 2009 and the block that was added in the Bitcoin ledger was called The Genesis block. Auto bitcoin as of then was virtually of no value in that it was at $0 and people use powerful devices to obtain it using the mining process.
The first-ever major transaction of Bitcoin happened on 22nd of May 2010 when a programmer called Laszlo Hanyecz purchased two pizzas using 10,000 bitcoins, and this date is not known as bitcoin be today according to history. Finally in the same year around July bitcoin started trading at $0.0008 And then to $0.08.
Bitcoin has the highest placed value among other cryptocurrencies thereby making it the leading cryptocurrency. It is propagated that the Bitcoin has 21 million total supply of coins and possibly, it wouldn't be exceeding that.
At the early stage when bitcoin was mined, miners were rewarded with 50 bitcoins per block and in 2020 the mining reward for bitcoin was pegged at 6.25 BTC.
Bitcoin as a cryptocurrency can be traded virtually in all crypto exchanges and some of these exchanges includes but not limited to Binance, Coinbase, ftx, bitfinex, huobi, gate.io, kraken, bybit etc.we can see some of them from the screenshot below.
Finally let's take some fundamental analysis of Bitcoin from the screenshot below.
Currently, bitcoin has traded at $39,055.44 with total market cap of $741,084,731,071,.08, trading volume of $25,507,177,796.86.
Why are you optimistic about this token today, and how long do you wish it could rise?
Specifically, I am highly optimistic about this car first because it is the leading cryptocurrency in the market with a very very high market capitalization and a bit volatile as compared to some other smaller cryptocurrencies like TRX doge etc. This coin has a very high market liquidity which guarantees that traders orders will always be filled as long as their range of trade is in line with the market trend.
Although the market is currently down, I believe that this coin will keep rising so long as a bullish trend takes place and we can see the day's performance of this coin from the screenshot below.
How to analyze the token? (This can be technical analysis and trading strategies learned from professor's courses) - This section is very important.
To be able to analyze this token, I'll be using some technical tools in taking the current trend of the coin to effectively determine its market position. Nevertheless, as a scalper I will be using a minute time frame with MACD, MA and RSI in analyzing the current market condition of this coin.
First it is obvious that the death cross of the MA plunges the current trend into a bear position while the Golden Cross of the MA plunges the market trend into an upward or a bullish trend.
The MACD on the other hand, can be used in observing probable market trends in that an upwards move of its graph leads to an uptrend while the downward move of each graph leads to a downtrend.
Finally the RSI on the other hand, while it is within the 30% or below the 30% this makes it obvious that there will be a bullish reversal in response and when it's line is within the 70% axis or above, there will be a bearish reversal in view.
Nevertheless all these are well structured in response to the analysis I made and these could be seen in the downtrend I entered using scalping trade from the screenshot below.
Your plan to hold it for a long time or when to sell.
I never plan to hold this coin for a long time since I am a scalper so I set my take profit level and stop-loss level and it was filled as It got to the position since my prediction for the trend and time In view was true. So I never intended to hold it for a long time.
Finally from the screenshot below we can see all the evidence of how my analysis for this coin was able to yield a 3.26% profit using 25% leverage while setting a proper risk trade management.
risk management setting
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%of increase from trade
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My trade history
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Do you recommend everyone to buy this token? Give reasons for your answer.
Any other thing you might want to share about this coin/token.
I will not actually advise everybody to buy or hold this token but based on a traders discretion, they can actually go for a buy option and this is majorly for spot traders who will be holding the coin for a longer period since the price has gone very low and a bullish reversal should be expected. But as for scalpers and CFD traders I would advise them to buy and sell at strategic positions to avert unnecessary losses.
Finally, from the trade analysis I was able to conduct, the trade really turned right according to my prediction as I made a 3.26% increase from my engagement in trading BTC today using good risk management system even as can be observed from the above screenshots which is as a result of the technical tools I engaged and the knowledge I gained from cryptoacademy.
Thanks to Professor @reminiscence01
and Professor @nane15