Steemit Crypto Academy | All About Price Forecasting | Homework task for @stream4u

Hello All Steemians !!!

On this occasion, I will try to take a class at Steemit Crypto Academy. I am interested in joining this class because there are many new lessons that I will get here. I will do homework task from professor @stream4u. Lesson discussion about All About Price Forecasting. Lets try...

What Is Price Forecasting?

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Price Forecasting is a prediction about the increase or decrease in price that occurs in cryptocurrency in the market. This prediction can be seen in the next several days, weeks, and months. In predicting the price of cryptocurrency, it is inseparable from aspects that are directly related to it and the market. You must do this so you can trade cryptocurrency assets at the right time. You as an investor must be observant in paying attention to the development of the assets you have to make the right decisions to bring profits and increase capital.

There are 3 analyzes that can help and support price forecasts to become a successful investor :

• Technical Analysis
  You can do this analysis based on your monitoring the current state of the cryptocurrency market. From the various platforms that provide this you can see and analyze market trends, up and down price movements, market support and chart patterns. All data can be a basis that you can analyze from time to time. You can learn all of this so you can make a prediction that might happen in the future. This will help you in investing and trading your crypto assets.
• Fundamental Analysis
  You can do this analysis based on your monitoring the company that developed cryptocurrency asset. You can check and investigate directly with the data collected by the company. This includes the company's current development, company mission, company management, financial reports, and product quality. Based on this you don't need to look at market conditions anymore, you can immediately decide to invest and trade if you think company data has a positive impact.
• Sentimental Analysis
  You can do this analysis based on the monitoring the latest news, discussion results, and media that discuss developments and what is happening to cryptocurrency today. The delivery of messages and people's arguments will influence market trends to be positive or negative. In this case, you must analyze the correct news and media in providing information. If you have believed the news and discussions, you must have confidence to investing and trading cryptocurrency at the right time.

Discuss on why Price Forecasting is needed?

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Price Forecasting is needed because you can carry out activities and choices on your assets so you don't get stuck from the initial investment price. Price Forecasting will make you profit and increase the capital you have by trading assets at a higher price. Of course this requires time, patience, analysis, and confidence in making decisions. Based on the 3 analyzes above, you can predict the price of cryptocurrency by looking all data on the market like the graph of the increase and decrease in cryptocurrency prices that occur in a certain period. As an investor, you must invest and trade cryptocurrency assets at the right time to get profit and eliminate losses.

What Methods are best you feel for Price Prediction/Forecasting

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In my opinion, Technical Analysis is a method that is very suitable for me in Price Prediction / Forecasting. This is proven because the data we get and analyze is based on things that are real today in the cryptocurrency market. I can follow the current market trend dan market support where the large number of investors will affect the asset price. I can see a chart pattern over a period of time which allows the asset price to continue rising if the chart shows an increase. And there is much more data that can be seen and analyze. This will help me simplify investing and trading my cryptocurrency assets.

Take any Crypto Asset Chart graph and explain how to do Price Forecasting?

Screenshoot On CoinMarketCap

This is a Tron Chart graph in 1 month. Here I will try to predict the price of Tron which is likely to happen. In the red circle there, it is the increase in price of Tron for the past 24 hours until now. The current price of Tron is 0.11 USD. According to my prediction, this price increase will be influenced by the current market trend and support. The price increase may continue for the next 7 days until it reaches the price of 0.12 - 0.15 USD. This is a price slightly below the highest ever hit 0.17 USD. We have to be patient and monitor the duration of price increase each day.

However, anything could happen including a decrease in prices. This is inevitable due to the price volatility of cryptocurrencies. If there is a decrease in price it will probably occur in the near future about 2 - 3 days. If this happens we do not need to invest and trade as long as the price decrease persists. It is time to hold assets. This is because the Tron chart shows a decrease in price since the past 1 week. The price decrease was around 0.9 USD because it was the lowest point of the price decrease for 1 month after the increase. This is just my forecast at this point, changes in cryptocurrency prices may occur at any time and are unpredictable.

Thank you for the time and opportunity to develop the knowledge I have. Hopefully it will be useful for all readers.

CC :
@stream4u
@steemcurator02