Image edited on Canva
Hello to everyone present in the SteemitCryptoAcademy, I welcome you to another trading. As we all know, this week we will still be placing our focus on what we have been taught so far in the various trading lectures tutored by the various professors in the academy. in carrying out this contest, this will be my second trade for this week, and as we all know I am already part of the "Team Frontline", and this team comprises our well-known professors and the are professor @shemul21 and professor @abdu.novi03.
In today's trading, I will be emphasizing how I got to carry out a BTC/USDT sell trade order from my Binance spot trade with the use of the 15-minute chart using the support and resistance level to carry out this trade.
And also, I will be giving a well-analyzed explanation of this token which I made some research on before executing a sell trade of my BTC\USDT. wish you a delightful reading
The Name of the token and also the exchange where this token can be traded?
Bitcoin is the name of the token I will be trading today and the Bitcoin is not just any ordinary coin, although it is a visual coin that traders make use of, either buying or selling this coin in the crypto market. the Bitcoin was said to be invented by either a group of individuals or a person otherwise known as Satoshi Nakamoto, which after the invention it was then later launched in 2009.
Bitcoin has traveled from the year 2008, which was the first arrival of a cryptocurrency. Bitcoin was the first digital currency to be introduced in the crypto world. although at that period, the token was not appreciated by many people, it was never considered anything meaningful, and as such the token had only a few users. but from that point down to this time, Bitcoin has been the talk of the world in terms of value and price tag and this can be traced when the Bitcoin price was confirmed when an agreement was concluded by two Papa john's Pizzas, where it was said that 10,000 worth of the Bitcoin currency was traded for $25, this event took place on the 22nd of May 2010,
The coin has experienced a price change drastically as though it is still attaining more highs even though it brakes down time after time. the Bitcoin work in a decentralized electronic system exchange and due to its decentralized nature it has no authority governing the activities of this token hence helps to send money at ease to different individuals neglecting a centralized approval like the banking system.
It involves no middle man or third party to make transactions, as a token that works on a decentralized system it does its activities without being checkmated by any authority. users can send money to one another without even knowing each other, goods can be purchased using this coin.
The centralized system has been a thorn in the flesh in the aspect of making transactions, certain restrictions, daily limits, and so on has been the issue bottlenecking especially the bank because it operates on a centralized system, so to erase this issue, the Bitcoin was introduced because there was a problem sited in this aspect and as such the Bitcoin was created in other to help people carry out their various transaction without establishing all hopes on the bank and as such transactions are carried out smoothly without one going to any bank, one can be in Venezuela and send this token to another in Nigeria how powerful!!!, while in banks it takes the various process to send money from a country to another, especially through western union transfer. one among the main researcher of this blockchain was known to be Chetan Chawla who was the assistant professor of the college then known as entrepreneurship college located in Naperville, in Illinois.
Bitcoin was launched on the 3rd of January 2009, and it is developed on a Proof-of-brain system as such it enables one to either verify or track certain transactions which are executed on the system. Bitcoin was also the first currency and that same year was the first time when the first Genesis blockchain was also mined.
Now as seen in the Coinmarketcap, we have confirmed the rank of Bitcoin as number one among other cryptocurrencies, also the current price of the Bitcoin is $47,426.45, Marketcap $900,999,312,581, Fully Diluted Marketcap $995,955,356,164. 24h volume $32,894,207,928. Circulating Supply 18,997,625,00 BTC. Low $46,746.21. High $48,022.29.
Bitcoin can be traded on various exchanges platform and a few of these platforms are Bitfinex, Binance, Coinbase, Bitstamp and a lot more. some exchanges are also seen in the below screenshot.
Why am I hopeful about this token today and how long do I think It will rise?
I am very hopeful and bullish about this token as though it has proven itself to be a profitable token when being invested in, it has made many users billionaires and a lot more. this token is the hope of cryptocurrencies and so it is the bedrock of every token. although I do not plan to hold the token for long, I planned on making a trade with it, and I will be executing my position on a spot trade.
How to make a technical analysis of this token?
My technical analysis will be carried out on Tradingview afterward I will be executing the real trade on Binance mobile application.
I will be making my technical analysis of this token using a 15 min chart, hence with the use of the support and resistance level, I was able to notice the moving trend of the market.
I, first of all, made a mark up of the support level and the resistance level too, and afterward, I got to see the Double Bottom Pattern formed which thus indicate the W structure, and this indicates that a bearish or bullish movement trend in the market is soon coming, but in the case of a bullish market trend only occurs when there is a break around the neck of the W structure that has been formed but in this case, the bullish trend is not seen in this scenario and thus indicate a bearish trend on the way.
Screenshot gotten fromTradingview
Then I quickly analyzed and got my position and afterward, I indicated both my Stop loss as well as my take profit hence a bearish trend is still on the way
Screenshot gotten fromTradingview
I quickly added an indicator before making a sell entry which is known as the MACD indicator, this will help in giving me a solid position for my sell entry, as figured out by the MACD in the chart, the market is about to make a move to the line Zero which thus indicate that we may likely to apprehend a bearish movement, hence I confirmed and carried out my trade to sell.
Screenshot gotten fromTradingview
After the analysis of my trade, I quickly logon to my Binance mobile application, and my sell order was executed at an entry price of $47390.08 as seen in the image below the confirmation of my spot trade.
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Image screenshots from my Binance exchange mobile application
Do I plan to hold it for long or when to sell?
I do not plan to hold this token for long because as soon as I notice a rise, I will trade it. so I am still expecting a rise in the BTC price in other to make a profit from it, because that is my aim, holding a token like the BTC is quite risky hence when it falls, it will affect me so bad that is why I will always keep the price in check.
Do you recommend this token for people to purchase?
Vividly yes, anyone who is interested in the BTC should buy the token hence it is the first in line among all coins and investors are making enough profit from it, so it is a nice recommendation for anyone interested in Bitcoin should buy and invest, it is a sure source of investment but also people should be aware of the set back in the price of all coins as though it is unstable so one needs to be wise and make a good decision before purchasing the coin.
Other information concerning the Coin?
Nothing much to say as though all the information concerning Bitcoin has been said already, It is at the top of the list and also the highest in price when compared to other cryptocurrencies.
Conclusion
Bitcoin is considered the first digital currency in the world, which is the number one among all digital currencies and also the highest when we are talking about prices. the token has proven to be a profitable investment and has profited many investors, there is indeed hope for this token in the nearest generation to come because we are still witnessing a rise in the price of this coin as time goes on, it is a good investment to hold on to also do not be too greedy less one can make a loss as a result of greed.
My warm appreciation goes to the various professors that have taken it as a burden to spearhead the #TeamFrontline and they are professor @shemul21 and professor @abdu.navi03 for your great works and bearing this great team on your shoulders.
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