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Happy weekend, this is my homework for this week, the class topic was very interactive and very important.
Question no 1:
Define Death Cross and Golden Cross in your own words.
Death Cross
It is a pattern that we visualize in a graph of a cryptocurrency, the death cross is made up of the MA 50 line that has the lowest average and the MA 200 line of high average, to visualize the death cross we will have to appreciate the MA 50 line of low average, cross the MA 200 from top to bottom, according to this we will appreciate that the direction of the trend will be downward.
Golden Cross
It is a pattern that is formed by an indicator that is formed by the MA 50 and MA 200 lines, we can appreciate the golden cross, if the MA 50 line crosses the MA 200 line from the bottom up and we will appreciate the direction of the trend in a bullish way.
What is the significance of DC and GC in trade?
According to the configuration of MA 50 and MA 200, its importance is related to the long-term market trend, so we will have a better entry and exit of it (Buy and sell).
Death Cross
Mention that the death cross is when the MA50 line crosses the MA 200 line from top to bottom, if this happens we face a price drop and we must sell or take precautions from an exit point.
Golden Cross
If the MA 50 line crosses the MA 200 line from the bottom up, we face an uptrend and we must buy in a timely manner or take buying precautions.
What effect do these two have on the market?(in your own words.)
The crypto market is uncertain that according to certain patterns through previous candles and a well-defined reading of MA 50 and MA 200 that produce the death cross and the gold cross on the chart, we can mention that they are important entry points or exits of operations that we can take into account in the short and long term, as long as the good configuration of its 2 lines is taken into account. We must always pay close attention not to make a lack of reading or a very hasty reading.
Question no 2:
Explain the points given below.
How many days moving average is taken to see Death cross and Golden cross in market for better result and why?
Next, the lines MA 50 “50 days” will be configured, which is defined as short-term, and MA 200 “200 days” that is long-term for a better reading, according to the pattern that we visualize we can see what type of cross is is forming.
How to see death cross and golden cross on the chart.
We add the MA 50 and MA 200 average lines through the binance technical indicator, we click on the indicator.
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We select "MA average line" and add MA 50 and MA 200.
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We can see the average lines MA 50 in blue and MA 200 in red.
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Explain Death cross and Golden cross on the chart, (screenshot necessary)
Death Cross
Use the reading of the candles of the ADA-USDT PAR, we see how the average lines begin to join, until the MA 50 line crosses down the MA 200 line, here they form a cross called the death cross, it is a good point to sell as the value will fall, and many users wait for another better point to enter the market.
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Golden Cross
Use the reading of the candles of the ADA-USDT PAR, we see how the average lines begin to join, until the MA 50 line crosses up the MA 200 line, here they form a cross called the golden cross, it is a good point of buy as the value will go up, and many users expect a good point to sell on the market.
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Question no 3:
What is Binance P2P and how to use it ?
It is a crypto-asset market where you can buy and sell cryptocurrencies and Fiat currencies, this market is online on the binance exchange platform, and its purpose is to facilitate the exchange of digital currencies, this is done through strict procedures based on to binance policies, in the internal p2p market of binance rules are applied to trade cryptocurrencies, this is changing in each user, each user assigns different types of rules and different amounts in the operation.
The way to operate within the p2p market is easy, let's say we are going to sell our cryptocurrencies, then we transfer from our fiat wallet to our p2p account, then we enter the p2p market, we will place our way of accepting the payment, and once we Let's locate the buyer and enter into negotiation, my cryptocurrencies will be blocked by the system, and he will be able to make the payment to the account that we already have registered in the p2p wallet, when the buyer makes the payment, I verify and release the cryptocurrencies If I do not do this release in a time stipulated by the system, the buyer can appeal the order and the system will take care of solving the problem.
What is Binance P2P and how to use it ?
We go to where we have our “fiat and spot” cryptocurrencies.
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Click on Option "transfer".
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Here we can see that it asks us from which wallet we want to transfer, for which wallet we are going to transfer and the amount.
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This way we will have the transfer made.
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How to sell cryptocurrency in local currency via p2p (any country or coin)(screen shot neccessary to verify account)
We go to "markets" and look for "p2p account"
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Here we must click on "sell" and choose the local currency that we want as a form of payment and the financial institution.
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We are looking for a qualified user who performs the operation and whose limits are our amount.
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In "payment method" we add our account, here we will see the time limit for the operation and the rules that proclaims it to carry out the operation, if you agree and meet the requirements, click on "sell usdt".
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This is a chat window that we can interact with the user while making the payment of your order to the account that is in your profile.
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When the payment confirmation box appears in yellow, it is because you have already made the payment, here it is important that you enter your bank and verify the payment, if you do not do it you run the risk of being scammed. When you agree that if I pay you, you can click confirm release.
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If you agree that you received the payment, you can click confirm.
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We confirm the release.
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You will have already completed the operation.
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Question no 4:
What are the things to keep in mind during P2P trade and descrbe its four advantages and disadvantages.(own words)
The things to consider when doing a p2p trade on binance are:
Apply the Terms of use
You must be attentive to any movement that you do not know, and read everything very well, especially the conditions expressed by the user who is buying, since if something happens, the platform is not responsible.
Security
The p2p market is safe if you operate under the rules, looking for buyers with a verified badge.
Confidence
There must be mutual trust between buyer and seller as the buyer has to make the payment first and then the seller releases the amount.
Deposit Confirmation
Once the payment is accepted, it must be released as soon as possible so that the operation can be carried out otherwise it will remain open and the time period will expire, if it expires the buyer can request an appeal and it may affect your reputation
Advantages
- The operations within the platform are totally free.
- There are many options for operations with cryptocurrencies and Fiat currencies
- The varieties of payments is without a doubt the best.
Disadvantages.
- For inexperienced users they can face many scam users.
- There may be a loss of money if we do not confirm our payment, and the platform is not responsible.
- Very expensive time limits to search for an offer, this is a disadvantage for new users.
Conclusión
The golden cross and death cross are average lines that we can use to visualize the market trend, in addition to finding a suitable point to enter or exit it, the binance exchange platform expresses a series of financial options, undoubtedly the best known and very easy to use is the p2p market, since it offers us various alternatives to execute a better and easier operation, especially from both parts of purchase and sale, it is also a system in which we must know how to operate and take all measures provided by the system.
Respected first thank you very much for taking interest in SteemitCryptoAcademy
Season 3 | intermediate course class week 5
thank you very much for taking interest in this class
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