[Litecoin]| Steemit Crypto Academy | S6t3 - Team Trading Contest Post for team-frontline
PROJECT NAME
LITECOIN
Litecoin is a de decentralized cryptocurrency that was founded by Charlie Lee on Oct. 7, 2011. The project was created to become a fast, secure, and low-cost payment asset on blockchain technology.
Litecoin which was aimed to become a lite version of Bitcoin has a very low transaction fee and a block time of 2.5 minutes making it very useful for low transactions.
Litecoin is one of the most widely accepted cryptocurrencies and only behind Bitcoin in terms of popularity.
On January 21, 2022, Litecoin foundation announced its Mimblewimble Extension Block (MWEB) (Litecoin core0.21.2) This upgrade is expected to extend Litecoin fungibility and increase its scalability.
TOKENOMICS
| MARKET CAP | $8,867,778,336 |
|---|---|
| RANK | 20 |
| CIRCULATING SUPPLY | 69,920,993.78 LTC |
| MAX SUPPLY | 84,000,000 |
| CURRENT PRICE | $126.74 |
ANALYSIS
My analysis on the LTC|USD pair on the MT5 trading application started with me switching to a 1hr time frame in other to properly identify the price structure.
On the 1hr timeframe, I observed that the price is at a resistance zone and the stochastic indicator is at the overbought region.
These two observations on a 1hr timeframe signal a possible price reversal or pullback.
- Screenshot
After the above observations on a 1hr timeframe, I switched to a 15mins timeframe in other to look for a possible entry.
On the 15mins timeframe, I observed that the price is also at a resistance area with a formation of (Higher low (HL)** after the previous higher high (HH) which indicates that the current uptrend price is already weak prone to a possible reversal.
For confluence's sake, I observed see the position of the stochastic indicator which was found to be at the overbought region, and being at the overbought region indicates a bullish-to-bearish price reversal.
The Trade
The above confluence, made me take a sell position in high hope of scalping out little profit due to my small capital.
- Screenshot
After taking a sell position, I continue monitoring the trade to be sure that it is going as speculated.
During this trading session, I was also taking care of other things with my laboratory group, and seeing that I cannot continue monitoring the trade, I had to close the trade at a profit of $0.13 which is a 2.7 percent interest on my $5 capital.
- Screenshot
- Result
After attending to other things, I came back to see if the price have actually gone exactly as speculated, and it happened that it did.
- screenshot
Trade Details
| PARAMETER | VALUES |
|---|---|
| Entry | 126.61164 |
| Take profit | 126.03 |
| Stoploss | 127.28 |
| risk to reward | 1:1 |
| Closing price | 126.48235 |
| profit/loss | $0.13 |
CONCLUSION
Trading requires constant practice and the SteemitCryptoAcademy has really helped me in trading often due to the various trading lectures the professors often give.
So far, I have been able to scalp a good amount of profits since the beginning of this trading competition.
All thanks to the SteemitCryptoAcademy and our noble professors.