REPOST | [ZEC/USDT Long Position]-Steemit Crypto Academy | S6T3 | Team Trading Contest Post for Reminane

Hello, Steemians. I am happy to be writing my third trading post for this week in the trading competition. Earlier this week, I have traded XEM and XLM cryptocurrencies which I have submitted to Team Reminane. In today's trading post, I will be trading ZEC (Zcash) and at the end of it all, it will be submitted to professors @nane15 and @reminiscence01 who are the leaders of the team.

ZEC (Zcash) is a privacy cryptocurrency that is a fork of the Bitcoin blockchain, Zcash offers anonymity of transactions on its network. It was in 2016 when Zcash was created to have enhanced security and anonymity when compared to the Bitcoin blockchain, and this means investors can choose to be private about their transactions on the Zcash blockchain which is not possible on the Bitcoin network, all the transactions on the Bitcoin blockchain are public.

ZEC is the native cryptocurrency of the Zcash blockchain. Furthermore, Zcash blockchain uses two addresses, the first one is a transparent address and the second one is the shielded address. The transactions to and from transparent address are visible on the Zcash blockchain when everyone can see it while for the shielded address, the transactions to it is hidden from the public. This offers investors more privacy where they can shield the visibility of their transactions from the public.

The anonymity of the ZEC blockchain is made possible through the zero knowledge proof technology used on the network, this allows the nodes in the network to verify transactions without the owner revealing the details of the transaction, this benefited the investors to have privacy over their activities on the ZEC blockchain. The privacy protocol used on the Zcash blockchain, zk-SNARKs is missing in the Bitcoin blockchain, this is what gives ZEC more privacy over Bitcoin.

The block time of ZEC is 75 seconds which improves the scalability of the ZEC blockchain, faster than the Bitcoin blockchain which has a block time of 10 minutes. ZEC uses the proof-of-work (PoW) consensus mechanism. There are four types of transactions on the ZEC blockchain, Public- a transaction between transparent addresses, Shielding- transactions from a transparent address to shielded address, Deshielding- transactions from shielded addresses to transparent address and Private- transactions between shielded addresses on the ZEC blockchain.

Zcash which was formerly Zerocoin was created in October 2016 by the Electronic Coin Company to achieve better privacy and scalability. The Zcash team is a group of many experts and on the list of the scientific advisory group is Vitalik Buterin, the founder of the popular Ethereum blockchain. The block time of ZEC is 75 seconds and the reward per block is 3.125 ZEC which is shared in 80:20 ratio, 2.5 ZEC to the miners and the remaining 0.625 ZEC to the founders.

New ZEC tokens are mined just like Bitcoin which adds up to the circulating supply of the asset. ZEC didn't organize an initial coin offering rather they have elected founders to take mining fees, block mining at that time was 12.5 ZEC and 2.5 ZEC and it is distributed among the founders, which includes the early investors, developers, and others that are considered as early pioneers.

At the time of writing, ZEC is trading at the price of $181.57 with the information I got on coinmarketcap. ZEC cryptocurrency is ranked as the 50th among other cryptocurrencies in the crypto space with the market capitalization of $2,544,466,261.78 with its dominance to be 0.13%. Furthermore, the circulating supply of ZEC is 14,014,619 ZEC. The maximum supply of this cryptocurrency 21,000,000 ZEC just like that of Bitcoin, production would stop at the time the maximum supply is reached.

ZEC cryptocurrency is available for trading on many cryptocurrency exchanges available and some of them are Binance, KuCoin, Poloniex, Bitfinex, Huobi Global, Coinbase exchange, Bybit, and many others.

The market of ZEC is generally on a bullish phase today and I am confident of a continued bullish market of ZEC. This is the primary reason for being optimistic about the ZEC market today and to take a look at ZEC status among other cryptocurrencies in this space, ZEC market is doing good and has a good future ahead of it. The background of this token and the notable names that are being involved in the project makes it safer for investment with its use-case of privacy, I am optimistic of the asset doing well beyond today. These are reasons I have chosen to enter ZEC's market.

My analysis of the ZEC market today will be done using technical analysis and it will come in multi-time frame. My practical analysis will be done using the TradingView. The phases of the market are what I am going to consider to know which position I can enter in my trade of ZEC today. The trade is short term based.

In my practical chart analysis image of ZEC on daily time frame above. The market is in the bullish phase but I will have to take a look at lower time frames because I am interested in a short term trade. So I switched to an hourly time frame.

In my practical analysis image of ZEC on the hourly time frame, I noticed that ZEC's price is at a resistance zone which may be a reversal time towards the bearish trend. I won't base my trade decision on this rather, I will have to check other lower time frames before I enter the market.

In my practical analysis image of ZEC on 15mins time frame above, at the top of the bullish trend, there was distribution as the market moved in sideways. This could be a reversal sign but before that, I looked for opportunities. In the sideways phase, the price was supported at the support zone again and I used a large engulfing candlestick to enter a long position.

The long position was entered at 181.79 USDT, my exit trade in profit at 184.8 USDT, the resistance zone of the sideways phase, and my stop loss at 178.9 USDT, below the support zone of the sideways phase. The risk-reward ratio that I used is 1:1. ZECUSDT Perpetual leverage 10x was used to place the trade on Binance.

The long position that I entered in the ZEC market is still running on Binance.

I lost $0.1764 in this trade.

Zcash cryptocurrency (ZEC) is a utility token used to pay for transaction fees on the Zcash blockchain as low as 0.001 ZEC at default which makes the blockchain friendly for investors to make transactions on the ZEC network and the network can be used to send encrypted messages, also with improved anonymity. For these reasons in combination with a bullish market of ZEC today, I am confident of the ZEC going well for investment and I recommend to others to buy this token for both short-term and long-term opportunities.

ZEC cryptocurrency is one type that has helped to improve security and anonymity on its blockchain when compared to Bitcoin blockchain, this functionality makes it easy for investors to make private transactions without exposing it to the public. I have traded ZEC today when I spotted a bullish phase, using a distribution zone to enter the market. This is the end of my trade post for today and I humbly submit the post to Team Reminane.