This is the official link to the post
image edited on Canva
Hello to everyone, welcome you to the last week of the Crypto Academy Trading Contest. Today I will be based on the previous classes we've held we will be practicalizing those lessons in a real trade of cryptocurrency. and I will be part of the team called teamfrontline. which is spearheaded by professor @shemul21 and also professor @abdu.navi03
So as said earlier I will be carrying out the analysis and answering a few questions as this competition demands.
I will be making a short trade on STEEM. the chart analysis will be carried out on Tradingview and I will be making the trade on Binance. so sit tight while I make my entry wish you a happy reading.
Name of the Token I wish to Trade and also the exchange of the token,
I will be making my contest entry for team #teamfrontline this week, and my entry post will be based on the STEEM Token.
STEEM is a unique cryptocurrency token that was launched in 2016 on July 4th. it was created based on certain features like blockchain-based on content and social application an example of this application is the steemit platform itself.
The STEEM Cryptocurrency is used to boost the capacity of the steemit platform and also it also encourages its users, by rewarding them with the steem token, this is not seen in other social media platforms. in the steemit application platform, users are rewarded on the account of posting qualitative content that is beneficial to the reader in question.
The founders of the Steemit company named Ned Scott alongside Daniel Larimer who is known to be a developer launched Steemit as the first social media platform and application that was first built on the steem blockchain. the blockchain works in a decentralized system, and as such has no authority that watches its activity, unlike a centralized system that is watched and whose activities are dictated by the superiors in charge.
Also, the Steemit platform rewards its, users, with three(3) major digital currencies and they are the STEEM itself, SBD which is equally called the Solomon Islands Dollar, and STEEM POWER (SP) on the account of publishing qualitative content. and this reward is distributed in a ratio of 50% each among the various authors of a particular content and the curators who has curated the work of an author in question. as such it also give room for various users to make interaction with themselves and also get rewarded from the Steemit platform on that account.
Presently in CoinMarketCap the Steem token is ranked number 303, Cryptos 18,532, exchanges 481, market cap $2,161,939,006,829, 24hours volum of $122,537,058,523, Fully diluted Market Cap of $170,088,997,32.
The Steem token can be traded on various exchanges as we all know exchanges like the Binance, Kucoin, gate.io, poloniex, and other crypto pairs.
Why are you hopeful about this coin today?
I am very hopeful and self-confident about this coin because the level at which the coin is on a bullish trend is so fascinating and also a cryptocurrency that is been awarded to users with tokens and services in the aspect of giving its users financial rewards on the account of posting quality content, a cryptocurrency that is built upon a blockchain content and social-based platform which has made it the first in history is something to be hopeful for.
Presently as I said the coin is on a bullish trend this month after when the price fell drastically early this year, and people were lamenting saying there is no hope for this coin as though it was moving with a bearish trend as of January this year, and now we have been seeing the bullish movement so far, as such this movement denotes the fact that life is coming back to this coin. so with high hopes, I await the fulfillment of this coin.
How do I analyze the token?
As I have earlier said, my analysis will be carried out on Tradingview while my real trade will be carried out on Binance spot trade. I will be making use of the TRIMA indicator which is known as the Triangular moving average indicator alongside the Stochastic indicator.
Triangular moving average indicator as we all know, shows the buying or selling amount with the use of lines to point it out, when we notice that the Triangular moving average indicator is moving beneath the market, it indicates that the market is on a bullish movement, and the other hand when theTriangular moving average is moving above the market implies that the market is on a bearish movement. the Stochastic also uses a lower band which implies that market is at an oversold region and as well uses an upper band which reflects that the market is at an overbought region.
5 min chart analysis - In the 5 min chart analysis I was able to point out from the 5 minutes trade, I was able to see a bearish movement which the market took on seeing that the market has gone beneath the Triangular moving average and also shows red falling candles which faces toward the ground and also the Stochastic indicator has indicated that a downtrend in the market which indicate more sellers are still overshadowing the market at this point.
Image gotten from Tradingview
1 min chart analysis - Now I have decided to carry out my trade on the 1 min chart trade, and looking closing to on the chart, I was able to detect that the market is now taking a new trend, which means it took a bullish movement and also as seen in the Stochastic indicator the market has got to the overbought region, this implies that those people who were in the market earlier and has already purchase the token are ready to sell.
Image gotten from Tradingview
So immediately I picked up my entry position on noticing the bullish movement of the market, I took my buy entry and then I set my stop loss above my entry-level, and also the take profit was equally set below the entry-level.
Image gotten from Tradingview
As soon as I got done analyzing the token from tradingview, I quickly logon to my Binance application and took my buy entry on the spot trade of the pair STEEM/BTC to buy steem $0.00000887.
Screenshot from Binance application
Screenshot from Binance application
Do you plan to hold this token for a long period or when to sell it?
I vividly do not plan to hold this coin for a long period because this token is majorly used when it is all about investment, it is a nice token to invest in but trading this coin will not yield much profit as expected reason is, it has low volatility and as such making a solid profit will take time. so on my part. I do not think it is advisable to hold this hold for a long time.
In as much as users benefit from this coin in the aspect of being rewarded with it, it is just the proper way of utilizing this coin in its best state.
Do you recommend this token for everyone and give the reasons why?
For sure, I will recommend this token for everyone to purchase, because with the bullish trend this coin is moving on, I know vividly there is a future for this token in time to come. although I am not certain I have to believe it will rise more than this, nevertheless we should all bear in mind that any digital currency token has the tendency either to rise or to fall. but truth be told I am very optimistic about anyone purchasing this coin.
In addition to the fact that this token operates in a special dimension, as the first token which functions on blockchain content, and social-based technology application, we can be sure of a valid project of this token. so anyone can purchase this coin with full confidence because as seen on a bullish trend, there are possibilities that this token will attain a greater height than it is now.
Conclusion
As seen from my work thus far, the analysis was carried out in which I gave some data about the coin, and also the various exchanges where the coin can be exchanged. also, I use the strategy we were taught in the lessons to carry out a Steem/btc pair.
I equally made a buy entry of the Steem token just immediately after I notice a bullish movement of the token with the help of the Triangular moving average and also the Stochastic indicators, I was able to make a perfect buy entry because they were both witnessing a bullish market movement.
A special thanks to the professor in the team known as #teamfrontline that is been spearheaded by professor @shemul21, and also professor @abdu.navi03
thank you again for bearing the team on your shoulders, I feel great to be part of your #teamfrontline.