BCH/USDT Buy - Steemit Crypto Academy - S6T4 - Team Trading Contest Post for Investors-Team
The name and introduction of the project token
BITCOIN CASH
The Bitcoin cash is a decentralised peer to peer cryptocurrency created in august 2017 as a result of an indecision in the Bitcoin community
which was created as a result of a dispute in the Bitcoin community,a while after bitcoin went mainstream and the number transactions and users went significanty high and due to the blocksize on bitcoin the number of transactions being confirmed were very few and a proposal to increase the block size was passed which was accepted by some and rejected by others, Which was the origin of the Hard fork that led to the creation of Bitcoin cash.
The Bitcoin cash was created as a result of a hard fork in the Bitcoin community, The Bitcoin cash increased its Blocksize from bitcoins default 1MB to 8MB in an attempt to handle the initial problem faced by Bitcoin i.e scalability which only reduced backlogs in the blockchains protocol.
The Bitcoincash like Bitcoin uses the Proof of work consensus mechanism which requires miners to solve crytpographic hash used to verify a Block via the help of computational power.The Bitcoin hash has its native token to be BCH which is used to reward miners for mining block and to reward stakers or Holders of the coin providing liquidity in the blockchain.
The Bitcoin hash has a significant 32mb block size and can significantly handle more Transaction per second than bitcoin with minimal transaction fee which made BCH more of a day to day use token,the token was made as scarce as bitcoin with just 21 million BCH available
TOKENOMIC
The BCH token as mentioned earlier has a maximum supply of 21,000,000 BCH and a current circulating supply of 19,024,525 BCH with a 24hrs trading volume of $5,227,839,071, it is currently ranked as the #26th coin with a fully diluted market cap of $7,784,925,629.22 and has seen its all-time high value at $4,355.62 in 2017 and its all-time low at $75 in Dec 2018 while its current value is at $372.49.
The BCH can be purchased from the following exchanges
Why am I optimistic about this token today?
Due to the technical analysis, I carried I perceived the coin will rise by a few pips today and my intentions are to enter trade at the right time and make my profit while the token is making a bullish move. The token has seen its 24hrs high at 383 but it's currently trading at 379, i will make my entry when the buy position looks good and my indicator confirms my entry
DO YOU INTEND TO HOLD FOR LONG?
As scalp traders we will simply be trading this asset for the time being after which we will sell of to USDT, the technical analysis performed on the coin was done in a short time frame and if we were intending to hold for long we would have done our analysis on a longer time frame like a daily chart or longer instead of short chart like 5-15mins
ANALYSIS
For my entry position here i will also be making use of the Williams alligator strategy to mark my entry and exit posiotns
From the screenshot above we can see how effective this strategy is, for our buy signal we have to wait for our Green MA in the Williams alligator to crossover from the bottom of the other 2 to the top and vice versa for a Short signal.Our exit signal in this trade is seen when the green MA reverses to the opposite side of where we are trading
For my buy entry signal we will reduce our time frame to a shorter time, 5minutes. As we can see from the screenshot uploaded above our buy entry signal was given of at 379.40 but i didn't make my entry until a confirmation at 380.90.
My take profit to stop loss ratio was fixed at a 1:1.2
WOULD YOU RECOMMEND THIS COIN
I won't recommend what i myself won't be keeping although the BCH is a safe and reliable blockchain but i dont think i would recommend anyone to purchase or HODL this token. Looking at the Token it was created as an identical token to BTC but has been in the bearish ever since, I won't keep or HODL this token and I am not recommending it for anyone to purchase and HODL
CONCLUSION
Strategies are more efficient when one sticks with the conditions attached to each trading strategy, in my case the conditions are quite easy only wait for your green MA to cross over the other 2 before you make entry or exits, taking profit with my strategy requires active particapation in the market which in this case will require the user to close trade when the appropriate profit has been gotten.
cc: @pelon53
