Crypto Academy /Season 3 - week 5 / Market pattern and blockchain projects by @amritraj

Hey, everyone I go through the lecture of professor @imagen about the topic Market pattern and blockchain projects . I understand the topic very well and enjoyed the lecture alot. Now am submitting my homework post.

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Make an investment of $ 12 or more. Show screenshots of the process.

Nowadays, Cryto market is very down and unpredictable. So i do lot of analysis upon the currency AXS, CHZ, ADA , VET. Some of them shown really great rise and loss too but among these all i found ADA very mch stable then others. So, I prefer ADA over all.

Step 1

First, I open my verified Binance account and search for ADA in search panel. Click on ADA (carnado).

Step 2

There are many options i want to exchange usdt for ADA so I select ADA/usdt.

Step 3

Then set your purchasing limit and amount of usdt you want to exchange. I set some limit trigger of $1.2977 .

Step 4

Now, wait for the market to come at your triggered price.

Step 5

Here we have ADA in our spot wallet of $13.

Hence, we make a investment in ADA of $12.

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Why did you choose this cryptocurrency?

The success of the project depends on the experience of the development team. The more experience they have, the more likely the project is to be successful. Cardano has a team of experienced developers. The head of the team is Charles Hoskinson (Charles Hoskinson), one of the founders of Ethereum. This clearly shows that Cardano will definitely reach the heights that Ethereum has already reached and can replace it. The entire Cardano ecosystem runs on the blockchain network. This means that everything is secure, decentralized and transparent. Although the value of Cardano today is only $ 1.29, many experts believe that it can reach the level of Bitcoin today. This means that Cardano will one day be worth thousands of dollars, and it is recommended that all traders invest in this coin now. Everyone knows very well that Cardano is consistent in achieving all the goals on its roadmap. This means that it has gained a firm foothold, and we have not yet seen its greatest achievement.

What is it Market Capitalization?

Visit https://coinmarketcap.com/currencies/cardano/ to know all about the ADA.

ADA Price: $1.28

ADA Market Capitalization: $40,936,937,599

ADA Volume: 1,631,152,626

ADA rank: 5

What is it position in the cryptoasset rankings?

ADA ranking is 5 according to coinmarketcap and others. It is very high ranked coin in market as it show very good profits in dumped market also and attain this ranking.

Who founded this coin?

Charles Hoskinson on 27 September 2017.

What is the objective of the project behind this coin?

In 2017, Hoskinson and IOHK funded research laboratories focusing on blockchain technology at the University of Edinburgh and Tokyo Institute of Technology. In 2020, Hoskinson opened a blockchain research project at the University of Wyoming. The collaboration involves donating US$500,000 to the University of Wyoming to support the development of blockchain technology through the creation of UWYOIOHK advanced blockchain and development laboratories. IOHK is also in contact with the chief scientist of the University of Edinburgh.

Show the roadmap. What is the specific purpose of the cryptocurrency?

Cardano goals to resolve the scalability, interoperability and sustainability troubles of the password monetary platform.

The first problem is the slowdown of networks and excessive expenses due to improved transaction volume.
Cardano has launched RINA ( Recursive International Architecture) to scale it's network. Its protocol is to attain TCP/IP standard, the dominant protocol used on the internet for the trade of fact.

Interoperability is associated with the portability of cyrpto both in the interface between the hub ecosystem and the current global financial ecosystem.Cardano trying to enable cross chain transaction between two parties off chain through side chain. Cardano trying to enable cross chain transaction between two parties off chain through side chain.

Sustainability is the development of a governance structure that provide incentives for miners and various stakeholders.

^{source : https://images.app.goo.gl/HCwGmXmdnXRHRKvBA}

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The evening star is one of the candlestick patterns, indicating that the upward trend may be reversed. The evening star pattern appears after the uptrend, and the morning star pattern appears after the downtrend. It is a chart model highly appreciated by technical analysts. The evening star pattern consists of 3 candles. The first candle is a thick green candle. The second candle is a small red candle. The third candle must also be red. Traders use the evening star candlestick pattern to predict future price declines and reversals. The evening star candlestick pattern is opposite to the morning star candlestick pattern.

How is the Evening Star Formed?

The evening star candlestick pattern is considered to be the main reason for future price drops. It takes 3 days to complete the sail formation. The price of any asset has risen sharply. On the first day of long body , a green candle is formed. This happened after bulk purchases. The increase continued on the second day, but slightly slower than the first day. The second candle is a bearish candle whose body is higher than the closing price of the first candle.

^{source: https://images.app.goo.gl/JCq8DFCehq8bwogS7}

The second candle is defined as "stars". The space between the entities of the first candle and the second candle is called "Doji" or "Main axis". The appearance of the second candle or star indicates that the current trend is weakening. However, there is no certainty here. The presence of the third candle confirms that the trend has reversed or that the downtrend has started. The third candle should be a red candle close to the length of the first candle. If there is a gap between the body of third candle and second candle, the credibility of the evening star candle formation will increase considerably.

What is its hit rate?

American computer scientist Thomas Bulkowski has a book called "Encyclopedia of Candlestick Graphics". This book contains statistical analysis and trading strategies related to candles. The evening star predicts the low price of candle formation with an accuracy of 72%.

^{source: https://images.app.goo.gl/it42GwqUbjrRiuGWA}

Traders use the abandoned baby pattern during a trend reversal. This is a pattern that appears in both upward and downward reversal trends. The abandoned baby pattern resembles the morning star and the evening star. The abandoned baby pattern resembles the morning star and the evening star. However, there is a difference. In this mode, the object and shadow do not overlap. Model abandoned baby consists of 3 candles. The first candle is long and is the direction of the current trend. The body of the second candle is very short. It can also refer to the doji. The second candle is also in the direction of the trend. There is also a long distance from the first candle. The third candle is in the opposite direction of the current trend. There is a significant departure from the second candle.

Bearish Abandoned Pattern

^{source: https://images.app.goo.gl/grmXXc1hatkyt91H7}

When it happened at the end of the bull market, she was called the abandoned babysitter. The first candle is long and straight up. The second candle is a short body or doji candle. The gap between the first candle and the second candle (the doji) is too large. The lowest price of the second candle is higher than the highest price of the first candle. The third candle fell. The highest price of the third candle is lower than the lowest price of the second candle. The trend direction of the third candle is downward. Noting this pattern, traders start to sell or short positions. Because asset prices are expected to fall sharply.

Bullish Abandoned Pattern

^{source: https://images.app.goo.gl/7YPgkNyXLTsgH3fF7}

It is a reverse version of the previous model. It happened at the end of the bearish period. It is called the Abandoned Baby Foundation. The first candle is long and bearish. The second candle is a short body or doji. The high price of the second candle is lower than the low price of the first candle. The third candle is long and bullish. The low price of the third candle is higher than the high price of the second candle.

What is its hit rate?

The abandoned baby chandelier pattern is a very rare pattern. When traders see this pattern, they should use indicators such as Fibonacci Retracements to confirm the pattern. Thomas Bulkowski has a 70% success rate for Bullish Abandoned Baby. His success rate for the bearish abandonment is 69%. It is difficult to see these models on the chart. Investors should not confuse it with the Morning Star and Evening Star. In the abandoned baby pattern, there is room on either side of the doji candle. It is not necessary to light Doji candles in the morning and at night. Also, you don't need a space on both sides.

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Patterns formed in the last 3 working days

Three line strike pattern

On 28july in BTC market i found three line strike pattern at evening time when market shows bullish trend till three strike and then suddenly strike down.

Patterns formed in the last 7 working days

Bearish Abandoned Pattern

On 27 july i saw Bearish Abandoned Pattern in evening time as we studied in question 3. first candle is long straight up then doji and then long black confirmation.

When investing in cryptocurrency, we should go through detailed research and research. If our research convinces us, we should invest. Otherwise, we are not much different from the players. In this lesson, we learned patterns that are very helpful to us. In addition, the model we are studying is a model widely used by traders. The evening star pattern provides an important signal that a downtrend is about to begin. Pattern are more over a important study.

THANK YOU