REPOST - LINK/IDR Buy | S6T2 - Team Trading Post for Team Frontline.

Hello steemian ...

This is my new post in the Steemit Crypto Academy community. On this week, I will be working on a homework from professor @abdu.navi03 and professor @shemul21 with the theme "Trading Competition By Team Frontline ”.

we will discuss it through the homework below:

The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.

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Chainlink

Chainlink is a project with a decentralized oracle network that can provide off-chain data access to the blockchain through smart contracts. Then in the chainlink project, there is also an oracle network feature that functions as interoperability, which is a feature that can make two blockchain networks able to exchange information without intermediaries and very quickly.

source

When discussing how it works, it can be said that chainlink is a decentralized oracle network represented by chainlink node operators and data buyers. When chainlink node operators provide and send data accurately and securely to data buyers. Data buyers can choose the data they want to be sent by the chainlink node operator who at that time makes an offer to supply. To make an offer, chainlink node operators must provide several LINK tokens as collateral in case of violating existing rules. After the offer given by the chainlink node operator is accepted by the data buyer, the chainlink node operator is also tasked with sending accurate and secure information to the data buyer through the blockchain network. When the transaction is complete and successful, both parties, namely the chainlink node operator and data buyers, are paid.

source

When I first entered the chainlink platform, I was immediately shown an article that contains a brief and clear explanation of what chainlink is, namely how chainlink can securely connect smart contracts with off-chain data and services. Then in the top bar, you can see important menus from this website, namely the Developers, Products, Use Cases, Ecosystem, Community, and resources menus. Then at the bottom of the screen, we can see several parties that have collaborated with Chainlinks such as AAVE, SYNTHETIX, Compound, PAXOS, Celsius, Nexus Mutual, and ENS.

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Currently, Chainlink (LINK) assets have been widely used on various leading exchange platforms, namely :

• Upbit
• Indodax
• Tokocrypto
• Binance, and much more.

Why are you optimistic about this token today, and how long do you think it can rise?

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I am optimistic about this token due to the development of the token today which can be said to be good. The chart condition also shows that the lower band of the Bollinger indicator has broken so that now there has been a price reversal and it tends to go up.

_{The picture was taken on the Upbit platform}

Regarding how long it can take, I can say that it will last well in 1 to 2 days. But I'm not optimistic about it, I see that in some of the smaller timeframes, the LINK chart has even touched the upper band even though it hasn't come out perfectly. In general, currently, LINK tokens tend to be dominated by buyers and have not yet touched overbought so this is the right time to enter trades.

Another reason why I am optimistic about the LINK token is that it is quite closely following the movement of the BTC coin. we know that BTC is showing a pretty good performance and I also see my thing on the LINK token.

How to analyze the token? (using the analysis knowledge learned from professors’ courses)

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I analyzed this token using technical analysis, namely with the help of the Bollinger band indicator. I observed with timeframes of 1 day, 4 hours, and 1 hour.

• On the 1-hour timeframe, I observed that there was an event where the chart was in a reversal after a downtrend, in this case, the chart just broke through the lower band which means that it has been oversold. Based on the analysis of this time frame, we can take this analysis as a time to buy because this indicates the momentum of a price increase. After all, it has not touched the upper band.

_{The picture was taken on the Upbit platform}

• On a 4-hour timeframe, the market shows that the market is in an overbought condition, it can be seen that the upper tail of the candle has come out of the upper band, although it is not perfect. In this condition, it is quite vulnerable to enter a trade because there are indications that a reversal will occur. However, here we can see in terms of candles that have passed the nearest resistance point so that the chart tends to rise and I am optimistic that the price will rise.

_{The picture was taken on the Upbit platform}

• On the 1-hour timeframe, the candle shows almost the same thing as the 4-hour timeframe. However, on the 1-hour timeframe, a candle has broken through the upper band as a whole. Here we tend to be cautious, but just as before that I will use support and resistance levels as a guide. With the resistance line that has crossed the nearest resistance line, we can assume that the price will go up.

_{The picture was taken on the Upbit platform}

From the conclusion based on the use of indicators with 3 different timeframes, I conclude by referring to the 1-day timeframe as a reason to buy because this is the beginning of a price reversal to an uptrend. And make the timeframe 1 hour and 4 hours to see the points of support and resistance. I conclude that now is the right time to enter the trade.

Your plan to hold it for a long time or when to sell?

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I made a LINK purchase at 219,400 IDR (15.22 USD) with a purchase of 18,312 IDR (1.27 USD) in my plan to only hold it for 1 or two days. I'm only optimistic in these 2 days because, given the unstable global situation, this might not last long. Although predictions say that crypto prices will tend to rise, I consider this general news and it's hard to take this as a reference.

_{The picture was taken on the Upbit platform and edited by myself}

Here I am only racing on market volume, Bitcoin movement, and also signals from indicators and charts. On that basis, I will only plan to hold it for a maximum of 2 days. When is the best time to sell I suggest according to the indicator I use, namely when the price breaks the upper band of the Bollinger Band.

Do you recommend everyone to buy? and the reasons for recommending/not recommending

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For now, I do not recommend people to buy. The reason is that the price of the chainlink coin is a bit worrying because it has touched a high price and there are also some signals from the Bollinger band indicator which indicate that the market conditions are overbought so there is a tendency to experience a reversal.

However, that does not mean 100% I do not recommend you. You can try to use some additional indicators that can convince you. In this case, I try to analyze the points of support and resistance so that it adds to my confidence to make a purchase.

Conclusion

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The chainlink token is a token with promising potential, they have shown a very good development in 2021 and now they are constantly trying to do better. We can see a lot of projects that they run and this makes them one of the most important assets. You can make chainlink a long-term investment.

For day trading with this asset, we can use the help of indicators and candle patterns. It's good for us to pay attention to the direction of movement as well as possible, you should not be in a hurry in using indicators, and you should confirm with the help of other indicators so that you can be more confident.