Steemit Crypto Academy Season3 week5Homework-post for @Imagen by @Ebiis Titiled Market Patterns and Blockchain Projects.

Welcome steemians to my page once again as i elaborate on the below topic by professor @Imagen.

1. Make an investment of $12 or more. Show screenshots of the process. Why did you choose this crypto currency? What is it's market capitalization? What is it's position in the crypto asset rankings? What is the objective of the project behind this coin? Who founded this coin? Show the roadmap. What is the specifics purpose of the crypto currency?

I will be making an investment in cardano(ADA) and showing screenshots below;

Firstly, I will be exchanging USDT for ADA on my binance. I'll input the amount I want and then click on "Buy ADA"

Here, I will be exchanging about 14.1USDT for ADA. It then showed transaction successful

This shows that my transaction was successful

Why did you choose this crypto currency?

I chose this crypto currency because ;
The Cardano project seems to have visions that suits improved evolving of the crypto currency ecosystem as a whole and they intend to be more than just a crypto currency but also a platform where other tokens can be created.
With it's fine team consisting of a lot of academics and tech gurus, they seem really determined and willing to put in the work required to achieve all it's promising objectives.

It's objectives of being more scalable than Bitcoin and ethereum, and solving the problem of high charges of pioneer crypto currencies gives it an edge, at least for the recent future, showing more people would be willing to explore their options producing more surge in it's price.
Cardano platform also works on supporting DApps which are gradually becoming popular in the world of blockchains and seems like the future.

What is it's market capitalization?
Market capitalization can be defined as the current price multiplied by the circulating supply of an asset. This could be calculated or it's already calculated values can be checked directly using sites like coin market cap, coingecko. Using coin market cap, the market capitalization of Cardano is currently $41.73B. Here is a screenshot below.

Why did you choose this crypto currency?

I chose this crypto currency because ;
The Cardano project seems to have visions that suits improved evolving of the crypto currency ecosystem as a whole and they intend to be more than just a crypto currency but also a platform where other tokens can be created.
With it's fine team consisting of a lot of academics and tech gurus, they seem really determined and willing to put in the work required to achieve all it's promising objectives.

It's objectives of being more scalable than Bitcoin and ethereum, and solving the problem of high charges of pioneer crypto currencies gives it an edge, at least for the recent future, showing more people would be willing to explore their options producing more surge in it's price.
Cardano platform also works on supporting DApps which are gradually becoming popular in the world of blockchains and seems like the future.

What is it's market capitalization?
Market capitalization can be defined as the current price multiplied by the circulating supply of an asset. This could be calculated or it's already calculated values can be checked directly using sites like coin market cap, coingecko. Using coin market cap, the market capitalization of Cardano is currently $41.73B. Here is a screenshot below.

What is it's position in the crypto asset rankings?
Using the current market capitalization value, it could be ranked as number five in crypto asset rankings, with Bitcoin ranking number one with the highest market capitalization. This shows how well this coin is doing and is a fairly good position for an alt coin.

Who founded this coin?
Cardano ADA was founded by Ethereum co founder, Charles Hoskinson, a mathematician who believes that bitcoin's power consumption would inevitably get worse as time goes on. This is one of the problems Cardano aims to solve as it works on proof of stake algorithm. He is actively interested in the blockchain space and he began Cardano development in 2015 and launched it in 2017.

Show the roadmap.
The roadmap of Cardano shows it's development and is divided into five eras.
Byron era: This era had to do with technology developments required at it's inception and recruiting more enthusiasts into the system.

Shelley era: This has to do with further development on the Byron era. This era focuses on better decentralization of the cardano network and better security.

Goguen era: This era focuses on further development upon the Shelley era, with the development of smart contracts and supporting DApps. It also focuses on developing the network in such a way that it would be able to support the creation of different Tokens.

Basho era: This focuses on improving scalability for optimal performance and to support it's use by whichever applications, no matter the transaction volume. One key feature in this era is the introduction of side chains. This will make the network one of the best, with it's scalable, secure network with extended capabilities.

Voltaire era: This era involves giving participants opportunity to suggest ideas for further development of the network, which can be voted on. It involves the addition of a voting and treasury system and is the final era in the Cardano roadmap.

What is the objective of the project behind this coin? What is the specific purpose of the crypto currency?

Cardano, which works based on the proof of stake mechanism, shows high future prospects with it's objectives and aims to become a fully decentralized app following different stages. It aims to achieve scalability, interoperability and sustainability, making it one of the leading platforms in the blockchain space by solving the problems faced by pioneer crypto currencies.

It plans on doing this by following specific step by step processes laid out in it's roadmap to achieve it's purposes and become a fully decentralized app, scalable and can support development of apps with high volume transactions.
The ADA, which is the Cardano digital currency, is already ranked highly and registered in numerous exchanges. With the continuous growth of it's platform, it's position should go higher.

2. Explain in your own words what the "Evening star" pattern consists of. What is it's hit rate?

The evening star pattern is a Japanese candlestick pattern that usually signals a change in market trend, usually from a bullish one to a bearish one. That is, the price trend is about to reverse from an upward trend to a downward one. It is a direct opposite of the morning star pattern.
The evening star pattern is made up of 3 candlesticks;
The first one is a long bodied one, usually green or white, signifying an uptrend.
The second one, "the star" opens above the closing of the previous candlestick. It could be bullish or bearish but is usually way shorter, signifying huge decline in market enthusiasm of that coin. It shows market trend is about to reverse.
The third one, is bearish. That is, red or black in color. Opening towards the close of the previous trend and should have a long body. It sets the pace for a downward market trend.

What is it's hit rate?
According to research over different market occurrences, the pattern was shown to be accurate 72% of the time.
Here is an illustration below

3. Explain in your own words what the pattern, "Abandoned baby" consists of. What is the percentage correct?

The abandoned baby pattern also indicates a reversal of current price trend and it could be in two forms, a bullish abandoned baby and a bearish abandoned baby
The bullish abandoned baby pattern signifies a highly possible reversal of a downtrend. It consists of three candlesticks. A long bearish one, occuring during a downtrend, a gap, a doji candle, that is a very short candle showing market indecision. This doji candle is usually not meant to overlap with other candles on it's sides, another gap and then a long bullish candle. The tendency for these to occur is quite rare so sometimes, traders could overlook certain things
Sometimes, a pattern having two doji candlesticks in between could be written off as abandoned baby pattern and sometimes, there might not be a gap between the close of the first one or the close of the second one, whichever is the case.

In the case of a bearish abandoned baby pattern, it signifies a reversal of an uptrend. It is practically the opposite of the abandoned baby pattern. It consists of three candlesticks.

A long bullish one, a gap above the open of the previous candle, a doji candle, another gap and then a long bearish one. Remember, the doji candle does not overlap with either candlestick at it's sides.
It is notable that this pattern is almost similar to the evening star pattern except for the necessity for the gap on both sides of the doji candle, making it very rare.

What is the percentage correct?

An illustration of both is given below

https://images.app.goo.gl/uHM7V3DakeyspzT47

4. Perform analysis for 3 and 7 recent calendar days for Bitcoin. Do you identify any patterns? Show screenshots.
A screenshot of Bitcoin 3 calendar days from my binance is shown below.

The part labelled 1shows the three line strike pattern followed by a reversal of market trend upwards while the part labelled 2 and 3 shows the three Black crows at different points of the uptrend, showing that the price is about to go down. It is shown by the three red candlesticks after a bullish green light one.
7 day analysis
The chart below is a 7 day chart screenshot from my binance.

Here, we can see a long period of lows before the market climbs in an uptrend and starts a downtrend again. Here we can spot a two black gap pattern, shown in the part labelled 1. The part labelled 2 could also be an example of an evening star pattern

Conclusion
Before making choices on projects to invest in and then trading choices also, it is important for one to conduct proper analysis. One should go through the white paper of the project, check out it's roadmap and access if one thinks everything stated there is feasible before making a choice.
Also, in trading, technical analysis is important to avoid just making trading choices blindly. Though each have different percentages of accuracy, it is important to know a lot and use more than one to get higher chances of making profits.

Cc :
@Imagen