Steemit Crypto Academy | Course By @stream4u - Technical: Reverse Strategy | Crypto Prices & Market Source: Review Of COINGECKO

in hive-108451 •  4 years ago  (edited)

Greetings to Respected professor @stream4u and dear steemitian friends.
Let me introduce myself as this is my first homework task in SteemitCryptoAcademy.

I am Atul Pathak lives in state-Bihar, India. I am an agriculturist and help farmers with different planting techniques.
I am also a crypto lover and I always try to learn different trading strategies.

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So, now I am starting the homework.
I appreciate your efforts dear professor @stream4u due to which I have learnt the reverse trading strategy, it's basics idea, pattern to draw the graph in candles so that anyone can get a basic idea of tracing the candles to which it is probably going to stop and going to change its direction. I have also learnt about finding Crypto Prices & Market after being visited on website of COINGECKO. So I will here write about both the topics.

Topic-1: Technical Study: Reverse Strategy.

Like Stock, Commodity and FOREX market, the crypto market also have some trends and patterns which is based on technical and fundamental analysis. Sometimes we see that market makes upward trends for a duration and then we see it reverse its move and start making downward trends. Generally this frequent UPs and DOWNs do not put great impact on long term holders but short term traders and scalpers take great benefit if they have idea of reverse strategy.

A general term for upward movement is BULLISH and that of downward movement is BEARISH so reversal can take in any direction. For upward movement, reversal will be downwards and for downward movement, reversal will be upwards. Reversal takes place when there is large price changes and the trends start changing its direction. This is the point where most of the experienced traders start taking action and in case of downward movement they start selling their position.
When talking about Technical analysis, Support and resistance also plays a great role in trend reversal.
I am showing the reverse strategy with the chart of my favorite STEEM coin paired with USD. I will put some technical info also.

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Here we can clearly see that 1 Day chart of STEEM coin is clearly following the reverse pattern at every support and resistance zones.
*Orange line indicates the resistance which resist the candle's upward motion but it can be broken if the buyers are strong or there is any good fundamental news.
*Green line indicates the support which support the candle's upward motion and protects from market fall up to some range but it can be broken if the sellers are strong or there is any bad news or fud
Using stop loss in trading is very necessary and it may prevent you from account blowing if due to some reason market broke the support and went down. 10-20% down from the support is manageable. This may vary from mindset of the trader to trader
When discussing about crypto market, forgetting about fundamental news impact is like a sin. We get fundamental news from websites of different coins, tweets, coinmarketcap, coinmarketcal and most specially coingecko.

Let' see how to find news about any coin in twitter. I am here taking example of STEEM.

Step-1: Open twitter accounts and search the coin name in search box.
Step-2: Follow your coin so that regular updates can be received.
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Step-3: After following visit to channel of coin and you will get various updates date wise.

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Topic-2: Crypto Prices & Market Source: Review Of COINGECKO.

Now, as we have discussed about fundamental news and also we got to know that we get these news from few trusted source like COINGECKO, so now the question is :

What is COINGECKO?
CoinGecko is platform where we get genuine price information of crypto currency and listing information of many new cryptocurrencies. Here users also get facility to evaluate the crypt o quantitatively and qualitatively. We get the list of coins rank wise so it get easy in decision making to invest in it or not. It is a Singapore-based company that was founded in 2014 by TM Lee and Bobby Ong.

To visit website, go through this link.
https://www.coingecko.com/en

We can see the home screen of the website where we see the list of coins on the top. List of coins can be seen after applying few filters like their ranking, recently added, large movers, high volume etc. (as shown below in screenshot)

How COINGECKO Can Be Helpful for you in a Crypto Market?
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In crypto we see that many currencies are being listed on daily basis but if in case we don't have an access to this platform like Coingecko, we will have no knowledge of new listings.
At present there are 7400+ coins and 474+ exchanges are listed on coingecko.
We can also view the Market cap and BTC dominance which is most important part of the market analysis to read the market sentiments.
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When we click on ALL COINS and apply filter, we see whole list showing price, %growth in 1h, 24h, 7d, 30d, 24h Volume of coins, circulating supply, total supply and market capacity.

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After analyzing these details we get overall idea of coin so that decision to invest becomes easier.

COINGECKO features with information

1. Trending Search

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From above screenshot we can see that on simply clicking the search bar we can get the list of trending coins.
Also we can click on DISCOVER option as shown in below screenshot and this will redirect us to trending search, most voted coins, positive sentiments, recently added coin and most visited coins.
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These are necessary to know the sentiments of buyer and seller as impact of sentiments is very huge on crypto currencies.
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2. Searching Crypto Exchanges

We will see here how to reach directly to exchanges to buy any coin.
We are taking example of STEEM coin. Search the name of coin in search box. and click in the coin as mentioned in screenshot below.
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After entering into the coin, we can clearly see the MARKET option like this
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After clicking market, list of different exchanges will be open
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click on any of the STEEM/BTC pair we will be redirected to particular exchange.
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3. Coingecko trust score
We can see the trust score that tell us that whether the particular exchange is trustworthy or not. Sometimes few exchange have less liquidity, so it create problem to traders.
On simply clicking the trust score it gives us the details about liquidity.

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Above picture shows that Binance exchange have good liquidity but below picture shows that Poloniex exchange have low liquidity and are not good for trade.
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Weekly Price Forecast For Crypto Coin- AELF(ELF):
1. Basic information to Predict its price for the next 1 week:
I have chosen the AELF coin for 1 week price prediction. At present it is trading around $0.280864. It's market cap is $135,102,402 and ranks 251 in coingecko.

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2. Why ELF?
This is the coin which is in accumulation zone from past 3 weeks and moving sideways in day candles. It is having some fundamental news which may create Fear Of Missing Out among traders and therefore sudden spike in price can be seen.
3. Complete detail on it's one of the analyses of Technical/Fundamental/Sentimental with price details.
*Technically, below picture shows that this is swinging in between support (650 satoshi) and resistance (900 satoshi)from past 21 days (3 weeks).
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A scalping trader can take benefit of it and make 20-30% per week.
*Fundamentally, It have visited the twitter account of AELF and there was a tweet that ELF Blockchain is now officially supported by the Chinese government.
WhatsApp Image 2021-05-23 at 4.43.38 AM.jpeg
We know that the news from china create great positive and negative impact on any crypto currency.

4. Based on which Technical/Fundamental/Sentimental study the possible low level and the high level for the next 1 week?
*I prefer fundamental news over technical analysis because sometimes big news breaks all technical support and resistance. Elf is the coin of very active team and they use to publish news every month. So it is not deal of loss according to my perception.

Conclusion
This was great topic where I learnt about many new things like reversal strategy in details.
I tried this in many coin and I surprisingly found that this works amazingly.

From second topic I learnt about Coingecko and its features which will help me in knowing the coin ranking and I will check and decide about exchanges also.
I was new to the SteemitCryptoAcademy so today I also learnt about making great content on steemit by editing the pictures but there are still many more things to learn.

I appreciate professor @stream4u for this amazing topic. I will take part in more homework now.

This was all from my side.

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Thank you for joining The Steemit Crypto Academy Courses and participated in the Homework Task.

  • Provided information are explained well but COINGECKO features so there are still many features left which you could try to mention and explore on it with screenshots.

  • Price Forcast, expected more details in Technical point if view as per the Chart to show on what basis the predicted price decided.

  • as you said that ELF Blockchain is now officially supported by the Chinese government ,i agree with you some time good news bring great profit and positive impact ,like doge elon musk story is famous in near past

    • it is necessary to Try to be more informative and provide all possible details.. to gain good position

thank you very much for taking participate in this class

Grade : 6

Thanks for review and your suggestion dear sir @yousafharoonkhan. This was my first home work task. I will try to improve from this point.

Dear professor @stream4u , my homework post is not curated till now. Please have a look into it.
@yousafharoonkhan
@steemcurator02