Hello professor @nane15,
I hope y’all are doing great. This is my first trading contest participation. And I surely hope it isn’t my last. The trading contest is all about selecting a crypto asset, doing fundamental and technical analysis before buying or selling the asset. And I’m here to do just that. I hope you enjoy my post.
Q1 : Name and introduction of the project token, and which exchange it can be traded on, project/team/technical background.
Among all the assets, Today I choose Bitcoin Gold(BTG). I’m going to make sure I give every little detail about this project. Stay glued to your seat and enjoy. Bitcoin Gold, am sure we are all familiar with the asset Bitcoin, the father of all crypto currency’s. Well am not going to talk about that. Bitcoin gold was created in the year 2017,
BTG is a decentralized crypto currency that isn’t controlled or managed by any central authority and can serve as a legal tender for the exchange of goods and services. BTG, is developed from the hard fork of Bitcoin. That’s where it got it’s first name ‘Bitcoin’. One might ask why was Bitcoin hard forked??, it was noticed that the consensus algorithm of btc was proof of work, however this consensus algorithm wasn’t scalable and also consumed a lot of energy.
So developers taught it wise to try and modify or change the consensus algorithm used in Bitcoin in other to increase the scalability of the asset. In view of this, the newly created or modified consensus algorithm was named Equihash-BTG. This consensus algorithm unlike the proof of work used in Bitcoin, BTG focuses on using Graphical Processing Unit (GPU) to make mining of the asset more efficient.
Project Team of Bitcoin Gold
Bitcoin Gold current team is made up of about 20 people from different parts of the world speaking different languages. Below is a table of the team members and the positions they hold.
| Name | Position held |
|---|---|
| H4X3ROTAB (China) | Lead Developer, Co-Founder |
| MARTIN KUVANDZHIEV (Bulgaria) | Operations Lead, Co-Founder |
| FRANCO NIEBLES (Columbia) | Lead Designer, Co-Founder |
| EDWARD ISKRA (North America) | Communications Director, Board |
| GUSTAVO DEL RÍO (Spain) | Community Coordinator |
| BLACKBOX | Mining specialist |
| ZHIVKO KOSTADINOV (Bulagaria) | General & Mining Support |
| IVAN YANKOV (Bulgaria) | Legal Advisor |
| JUAN G. SÁNCHEZ (Colombia) | Web Developer |
| MARLON PLATA (Colombia) | Designer |
| ZHE WANG(China) | China Operation Director |
| SPAS VUTOV | Developer |
| SHELVEN | Developer |
| CROSSWIRE | DevOps |
| WILSON(Germany) | Developer |
| CHRIS | Asian marketing advisor |
| ALEJANDRO REGOJO | Co-Founder, Inactive |
| ROBERT KUHNE | Co-Founder, Inactive |
| JACK LIAO | Co-Founder, Inactive |
According to the CoinMarket cap, Bitcoin Gold is currently valued at $43.06 price change in last 24hrs it + $1.509, it has a market cap of US$754.08 M and a 24hr volume change of US$166.26 M an ATH of US$539.72 was recorded on the 23rd of October 2017. see screenshot below.
BTG, can be traded in the Popular exchanges we know like Binance, Houbi, gate.io, Coinbase, bitfinex, Upbit, proBit global and many more. See screenshot below.
Q2 : Why are you bullish on this token today and how long do you think it can rise?
I believe that when a project has good future plans, and they are able to implement it the future of that particular asset will be very bright. I have seen the plans laid out by BTG and trust that Bitcoin Gold asset will skyrocket vey soon. This analysis reflects on its price today.
Just 1 week ago it was valued at $29.82 and today it is valued at $43.06, you can clearly see that it has increased $13.24 within 7days. I still believe that even though the might be a little dips on the way but the price of BTG, will continue to increase in the coming weeks. And when they implement future plans like;
1 - Cross chain Automatic swap, this feature will enable the user to swap coins between blockchains
2 - Private Transactions, this feature will make sure that every transaction done by the user will be know to him alone.
3 - Decentralized Mining pools, these pools would not be controlled and managed by anybody however decisions will be made by the it’s users
So when these plans are successfully carried out, we should expect the price of the asset to sky rocket if not breaking the ATH but probably reaching $100 mark.
Q3 : How to parse the token? (In this part you should preferably use the knowledge you have acquired in these weeks of learning at the academy, for example follow what I learned in my class or that of my teammate.)
This season crypto academy’s lesson we have been taking is all about educating us on the various indicators in other to help us to diligently carry out our trading activities. In this section, I will be using the knowledge gained from the lectures I have attended. To help me carry out my buy trade.
Firstly, I launched BTG/USDT chart, and set it to a smaller time frame precisely 5mins. I then added my indicator. The first indicator I added is the Fractal alligator. This indicator is made up of three Moving averages such that when the three moving averages crosses below the price of the asset, it signifies a bullish trend likewise when the three moving averages crosses above price of the asset, it signals a downward movement.
So when I added it to the chart, I noted that it crossed below the price of the asset so I could make by buy trade. However I needed more confirmation so I added the Williams fractal indicator again. This indicator is made up of colored triangles red and green, when the red triangle appears it signifies a buy trade. Whiles the green triangle shows a sell trade.
Upon adding this indicator again, the buy trade was confirmed. Now I can make my buy trade since I have received confirmation from both indicators. See screenshot below
From the screenshot above, you can see that the red triangle was formed as well as you can see the three moving averages have crossed below the green candle stick. So I placed my stop loss take profit setup. I carried out the buy order with market entry $46.50 on my Binance app below is the screenshot of my transaction.
After a while, the price of BTG broke the take profit at $46.63 so the trade was executed
Below is a screenshot of the sell order after the price of the setup broke the resistance.
Q4 : My Plan to hold it for a long time or When to Sell?
Personally for me I don’t plan to hold for long that’s why I placed the stop loss take profit. So that I can take the little profit I get or stop at some particular point when the price of the asset is falling. My plan not to hold doesn’t mean it’s not a good idea to hold. Other users can prefer to hold as I see the price of BTG to be in a continuous rise.
Q5 : Do you recommend everyone to buy? and the reasons for recommending/not recommending.
I will definitely recommend my fellow traders to buy Bitcoin Gold. This is because, with the improved proof of work consensus algorithm, instead of carrying out 5 transactions per second like BTC, it is able to carry out 27 transactions per second.
When you compare the price of Bitcoin Gold as of Monday, it was somewhere around $32 but today current trading above $40 this should be a clear sign that it has potential of increasing even more in future especially when they have implemented those future plans they have laid down. See screenshot below
From the screenshot above you can see how the price of the asset has sky rocketed within 7 days period. This is a clear sign that it will continue to rise if you decide to hold for a long term.
Conclusion
In this trading contest, I was able to talk about the Bitcoin Gold project, I said it is a hard fork of Bitcoin I also made mention about the fact that it was developed as a result of a flaw they saw in the consensus algorithm of BTC.
This lead to the modification of that algorithm and now referred to as Equihash-BTG which has also increased the scalability of the blockchain to 27 transactions per second. I also performed a buy trade after adding two technical indicators.
I want to thank prof for this opportunity to join this wonderful team I do hope we win.
Please note all unsourced images are screenshots from my Binance app
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