Crypto Academy | Season 3 - Week 5 || Market Patterns and Blockchain Projects | Homework Post For Professor @imagen

Hello everyone. Today I'm doing this homework for Professor @imagen. Let's get started -

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Source

Make an investment of $ 12 or more. Show screenshots of the process. Why did you choose this cryptocurrency? What is it Market Capitalization? What is it position in the cryptoasset rankings? What is the objective of the project behind this coin? Who founded this coin? Show the roadmap. What is the specific purpose of the cryptocurrency?

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I'm using Binance to make this investment. Here's the process

• As you can see I had about 13 USDT in my wallet
• So I clicked on trades to acquire this cryptocurrency

• Then I input 13USDT, and it showed me the amount of VET I can buy with 13USDT
• Next, I clicked buy VET, and it showed me success

• From the image above, you can see that I've bought 149.85 VET, which you can see is in my wallet

Why Did I Choose VET?

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I chose VET because -

• It is ranked no. 22 on coinmarketcap.com
• It is on the Vechain blockchain, which is a reliable blockchain, that can carry out many transactions successfully at a given time
• It's current price is $0.0889. And has reached an All Time High of about $0.24. Meaning that there are good chances that it will go up to that price again and probably go above it.
• It has pairings with VET/USD, VET/USDT, VET/BTC, VET/BUSD, VET/EUR, VET/GBP, VET/BNB etc, which makes it quite stable
• It has a market capital of $5,775,637,372
• VET has a strong team behind it, with professionals, who have understanding of business

What is the market capitalization?

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• It has a market cap of $5,775,637,372
• VEX has a Fully Diluted market cap of $7,746,509,697
• It's 24hr volume is $627,067,297
• The Volume / Market Cap is 0.1095
• The circulating supply is 64.32B VET
• The Max Supply is 86,712,634,466

Who founded this coin?

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The name of the founder and CEO of VeChain is Sunny Lu. He is a strong believer in blockchain technology. He has a BA in Electronics and Communication Engineering from Shanghai Jiao Tong University in China in 2002.

What is the objective of the project behind this coin?

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• To provide solid governance structure
• To provide upgraded IoT integration
• To ensure a reliable flow of information
• To provide the initial infrastructure protocols
• To ensure smooth collaboration and ensure speedy value transfer
• To provide better business consensus

Show the roadmap

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• Visit vechain.org

• From vechain.org site, you can see the Whitepaper. You can click on it, to get a more comprehensive understanding of what VeChain is about

What is the specific purpose of the cryptocurrency?

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The specific purpose of Vechain VET is to provide to the masses a blockchain platform that really supports blockchain-based businesses that are providing real social and economic value.

Explain in your own words what the "Evening Star" pattern consists of. What is its hit rate?

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Evening Star candlestick pattern is a pattern that appears in a bullish market. Where you see higher highs and higher lows. The Evening Star candlestick patterns is composed of three candles. This usually is a pattern that is used by traders to know when there's a reversal, from an uptrend to a downtrend.

When investors are able to understand patterns like this, they stand higher chances of making profits from the market. The 3 candles that make up the Evening Star pattern are

• A large bullish candle
• A small bearish/bullish candle
• A large bearish candle

Example:

• large bullish candle: Usually indicates that the buyers are still pushing the price up. As I mentioned earlier, the Evening Star appears in a bullish market, one that is uptrending. Hence, investors should be looking for buy trades, until they see a sign of a reversal.

• small bearish candle: This candle indicates that there's an indecision in the market. As buyers are getting exhausted, and a reversal should be expected. The sellers may take control of the market anytime soon.

• large bearish candle: This candle indicates that the sellers have the upper hand at this point and that the market will most likely start going down. Hence, the reason why the Evening Star is a bearish reversal candlestick pattern

Hit rate of Evening Star

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The hit rate of Evening Star is 72% (according to Encyclopedia of CandleStick Charts)

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

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The abandoned baby is a candlestick pattern that is used to predict reversals in the market. In the abandoned baby candlestick pattern, there is a gap between the doji and the previous candlestick. And there's also a gap between the doji and the next candlestick. There are two abandoned baby candlestick patterns, which are the -

• Bullish abandoned baby
• Bearish abandoned baby

The bullish abandoned baby appears at the bottom of a downtrend and indicates a reversal to the upside. Composed of a -

• large bearish candle
• A doji
• large bullish candle

The bearish abandoned baby appears at the top of an uptrend and indicates a reversal to the downside. Hence, a downtrend. Composed of a -

• large bullish candle
• doji
• large bearish candle

Example:

Percentage correct of Abandoned baby

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The percentage correct of abandoned baby is 65% (according to Investopedia)

Perform analysis for 3 and 7 recent calendar days for Bitcoin Do you identify any patterns? Show screenshots

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3 recent calendar days (BTC/USDT):

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From the analysis of the recent 3 days, you can see that I was able to identify 2 candlestick patterns

• Bearish engulfing: The bearish engulfing candlestick pattern has a green candle followed by a red large candle that engulfs the body of the green candle. Indicating that the price will likely go down. It appears at the peak of an uptrend.

• Three white soldiers: This candlestick pattern has three green candles with small hairs, occurring one after the other. It indicates that the price will likely go up, as the buyers are actively investing.

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7 recent calendar days (BTC/USDT):

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From the analysis of the 7 recent days, we can see that there are two candlestick patterns - the bearish engulfing and the three white soldiers. Overall BTC/USDT has been experiencing an uptrend, as we've seen the price going up.

Conclusion

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Investing in cryptocurrencies has been a very amazing way of making profits and income in recent times. It becomes very useful to know exactly what to be looking for when you want to buy a coin. You have to really have good reasons for investing in a coin, to reduce the risks of losing your capital.

The use of candlestick patterns to predict the price actions of assets, is an incredible way to know at what points to enter trades and exit.

Thanks!