Steemit Crypto Academy Contest / S15W5 [SUMMARY]: Trading Using Fibonacci Retracement Levels

Introduction

Hello dear Steemiens,

I hope you are all well and have had a successful week. Our main goal today is to bring you a comprehensive summary of the competition which took place from February 12 to February 18, 2024, marking the fifth week of the fifteenth season of the Steemit Engagement Challenge. The event ran smoothly, and credit goes to the exemplary professionalism demonstrated by our academy members, contributing significantly to the overall success and smooth running of the competition.

This report aims to provide a detailed overview of the data and feedback collected during this period, with particular emphasis on your active participation in the community competition organized by the Steemit Crypto Academy. The main objective of the competition was to assess your knowledge in the broad areas of cryptocurrency and blockchain technology.

During this week, the competition looked at trading using the different levels of the Fibonacci Retracement indicator. Participants were encouraged to explore the basics of this topic by examining its practices in the current crypto market.

As part of this competition, our esteemed participants were entrusted with the following tasks:

• Explain the concept of Fibonacci retracement as a technical analysis tool and how it is applied in crypto markets.

• Use TradingView to illustrate Fibonacci retracement levels on BTC/USDT, ETH/USDT and STEEM/USDT pairs. (Include screenshots to show retracement levels during uptrends and downtrends).

• Demystify the importance of major Fibonacci levels (e.g. 0.382, 0.500, 0.618) and explain how traders interpret these levels to identify potential areas of support and resistance.

• Explore the synergy between Fibonacci retracement and other technical indicators (e.g. moving averages, RSI). Discuss how a combination of tools can provide more robust analysis.

• Specifically analyze the recent price action of STEEM/USDT using Fibonacci retracement.

We were extremely pleased with the exceptional quality of content provided in the entries, reflecting the dedication and expertise demonstrated by all participants. It should be noted that a few members took their first steps in our cryptocurrency competitions during this inaugural edition, marking an important step by offering them a valuable introduction to our platform and our community.

The diverse perspectives brought by these newcomers enriched the overall competition experience, highlighting the inclusive and friendly nature inherent to our engagement initiatives.

Given the success of this competition, we look forward to discovering more talent in future seasons. The participation of new members has not only expanded our contributor base, but also highlighted the potential for continued growth and development within our community.

Without further ado, let's explore the statistical data and express our gratitude, thereby providing insight into the quantitative aspects of the competition and demonstrating our sincere gratitude to all participants for their valuable contributions.

Participation statistics

We received a grand total of 15 submissions for the contest, and unfortunally, there was one deemed plagiarized by susing Chatgpt.

Total number of entries	Invalid entry	Plagiarized content
15	0	1

_{Performance Distribution(%)}

_{Score Distribution}

In this week's evaluation, a detailed analysis of various performances within the competition revealed several notable observations. More precisely, 4 publications stood out by obtaining an Excellent rating, thus representing a significant share of 27% of the total applications evaluated.

In addition, the majority of participants, 60%, were evaluated with a rating of Good quality. This is the highest score ever recorded in the history of the competition, highlighting the continued improvement in the overall level of participation.

However, it is crucial to emphasize the importance of preserving the transparency and integrity of the competition. Unfortunately, one post has been reported for plagiarism due to the use of Chatgpt. This incident highlights the critical need to maintain high ethical standards and promote originality within our community.

In summary, this in-depth assessment not only highlights the richness and diversity of participants' performances, but also draws attention to specific areas requiring special consideration. It provides valuable insights for continued development, with a focus on encouraging excellence and promoting inclusiveness within our community.

Top 3 users of the week

In our selection process, we initially assessed the quality of participants' performance, giving priority to their interactions with fellow contestants.

When choosing the top 3 participants, we considered both their performance scores and their interactions. Additionally, we made a distinct selection based on an article that provided exceptional content relevant to the topic of discussion. Below, you will find the top 3 users we have acknowledged for this week.

Ranking	Username	Article
1	@steemdoctor1	Link
2	@hamzayousafzai	Link
3	@casv	Link

Perspectives

We express our sincere appreciation for your steadfast and devoted participation. Congratulations to those who have achieved top positions this week; your hard work and dedication are truly commendable. Observing the elevated standards of quality and engagement that each of you contributes to our competitions is genuinely inspiring.

Moving forward, we encourage you to persist in fostering a spirit of collaboration and excellence among your fellow participants. Your contributions not only enrich the overall experience but also contribute to the vibrant community we aspire to nurture.

Looking ahead, we are excited about the prospect of your ongoing involvement in our future contests. Your enthusiasm and commitment play a crucial role in the success of our competitions, and we highly value the positive impact you bring to our community. Thank you once again for being an integral part of our journey, and we eagerly anticipate witnessing your continued success in the challenges that lie ahead.