[CELO/USDT TRADING- Sell] Crypto Academy Trading Competition - S6T4 | TEAM REMINANE

in hive-108451 •  6 months ago  (edited)

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The Celo Token


Giving a brief detail about the celo, the celo is a blockchian ecosystem which is focused purpsely on increasing cryptocurrency adoption among smartphone users.
With the usage of the celo blockchain ecosystem, the phone number of a user becomes the public key of that user. Beside using the phone number of the users as a public key, the network also allows the creation of smart contracts as well as decentralized applications which is as part of decentralized finance.

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Image Source

The pplatforms actually has two native tokens and host different various types of stable coins which include; Celo dollar, Celo Real and Celo Brazillian Real.

The main uniqueness of the platform comes for the fact that the platform forcuses of smartphone users and we see a greater percentage of the population to be users of the cell phones. This is then seen to bridge the gap between the smart phone users and crytocurrency users.

Platforms to trade Celo


We can trade celo in numerous platforms including; Binance Exchange, Bitrex, FTX, Bitfinex and many others. We can trade pairs such as celobtc, celousdt, celobusd and many others as seen on the screenshot below.

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screenshot from tradingview.com

Statistics on the Celo token


Going to the statistics of the celo token, I will use the coinmarketcap to show the various statistics of the celo token. The celo token has a current price of $3.37 and is ranked on the #74 position on the coinmarketcap based on its $1.46 billion market capitalization. The token has a total supply of 1 billion celo token and a circulating supply of 433.2 million celo. With its current price of $3.37 we see the all-time high of the token to stand as $10.66. we see the other statistics on the screenshot below.

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screenshot from coinmarketcap.com

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Technical Analysis on CELOUSDT


My analysis on the celo token will be based on the analysis of trading with the trend. I will further use the aspect of a trend line to act as a resistance level and finalizing the signal with the usage of the fibonacci tool. Lets get started.


Beginning with the aspect of the trading with the trend, we begin by identifying the trend which in this case is seen as a downtrend. This means I will final a possible pull-back of the prices to the previous swing made to make my entry.
With the combination with a trendline, I will draw a trendline connecting all the various swing highs made to act as a resistance level.

The final signal is then concluding with the usage of the fibonacci tool. The fibonacci tool is drawn from the most recent swing high point to the recent swing low point since we hace a valid downtrend. This is seen as the retraces at the 0.38 level for a possible downtrend continuation. We can see in the screenshot below.

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screenshot from tradingview.com

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screenshot from tradingview.com


The stop loss is place some few pips above the trendline while the take profit level is places to the last swing low level made or to a risk to reward ratio of 1:1.5 as seen below.

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screenshot from tradingview.com

The trade execution is done using the #Binance Exchange. This will traded in a leverage trading system using a cross margin of 5X and initial margin of $9+.

  • Stop loss level: 3.336

  • Take profit level: 3.198

We can then see the formation below;

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screenshot from Binance

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screenshot from Binance

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Why I am optimistic about the Celo Token


The main reason I am optimistic about the celo token is the use case of the token. This has been explain vividly. When a take great look at the all-time chart of the token, we notice that the all-time rise is just 34.57 which means it is more of a ranging coin than a trending coin. In this regard, it is a perfect opportunity for a scalp trader like me to milk out profits from the market using the concept of demand and supply.

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screenshot from coinmarketcap.com

I do not actually recommend the holding of the token for long term. Just as explained above it is more of a ranging and rises in a slow pace. Also, I do not actually plan on holding this token for a long period buy rather using the 15 minutes timeframe, my take profit level will be hit I possibly less than 5 hours.

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Great analysis sir. Liked it

Glad to hear that

Hello @santosbass2 , I’m glad you participated in the 4th Trading Competition at the Steemit Crypto Academy. Your grades in this task are as follows:

CriteriaRatings
Presentation / Use of Markdowns2/2
Compliance with topic1.8/2
Spelling and Grammar1/1
Quality of Analysis2/2
Originality1.5/2
#Club50501/1
Total9.3/10



Observations:

image.png
Excellent chart analysis . This is impressive.

Recommendation / Feedback:

  • The student have completed the assignment for this trading competition.
  • The student also answered all the questions in his/her own words.
  • Your overall presentation is good.
  • Your chart analysis is commendable.

Thank you for participating in this trading competition.

I’m happy to hear that.

Thank you Prof