Crypto Academy Trading Competition - S6T3 | Team Investors-Team
The below is the link to the main post:
https://steemit.com/hive-108451/@khamara/7f4dbq-crypto-academy-trading-competition-s6t3-or-team-investors-team
NAME OF PROJECT
DASH
Dash is an open-source decentralized blockchain that focuses on providing a faster and cheaper universal payment system.
Dash aims to stand out among many other cryptocurrencies by providing a faster transaction rate and a more secure and private network.
Dash whose name was gotten from "Digital cash** was introduced in January 2014 as a Litecoin fork. Aiming to be more efficient, it has since its inception added features such as master nodes and instant send which enables instant payment settlement.
Dash which was founded by Evan Duffield and Kyle Hagan in 2012 was initially known as Xcoin but was later regarded as Darkcoin before finally changing to Dash in March 2015.
Currently, the dash is still working to become the most user-friendly and more efficient payment-based global cryptocurrency.
TOKENEMICS
| CURRENT PRICE | $129.57 |
|---|---|
| MARKET CAP | $1,378,710,445 |
| CIRCULATING SUPPLY | 10,640,426.80 DASH |
| TOTAL SUPPLY | 10,640,427 |
| MAX SUPPLY | 18,900,000 |
| CURRENT VOLUME | $444,246,814 |
ANALYSIS
I started my technical analysis on DSH|USDT pair by first switching to a 1hr timeframe on my real MT5 trading app.
On the 1hr timeframe, I observed that the current price is at strong support which indicates a possible pullback.
I also observed that there was a fakeout which have previously occurred and could have possibly misled some retail traders into believing that an actual breakout has occurred.
In other not to fall for such, I added a stochastic indicator which will serve as a signal filter.
- Screenshot
After observing the above on a 1hr time frame, I switched to a 15mins timeframe in other to closely observe the price structure and possibly identify an entry.
On a 15mins time frame, I observed that the price is also strong support which also indicates a possible pullback of reversal.
I then looked at the stochastic indicator and saw that it is also at an oversold region which indicates a bearish-to-bullish price reversal. The two observations gave me confluence which made me open a buy position.
- Screenshot
- EXIT
My exit was taken into consideration of the market structure by taking the closest resistance as my point of TP with the stop-loss being added just below the current support.
Both my Stop-loss and Take-profit came to be in a ratio of 1:1.
- Result
CONCLUSION
The SteemitCryptoAcademy has made a lot of positive impact on my trading pattern as it is now very much easier for me to scalp profits using my small trading capital.
Understanding the proper use of certain indicators through the help of the SteemitCryptoAcademy has also been a plus for me. Just as what is seen in my above analysis, the Stochastic indicator served as a signal filter by helping me to avoid Fakeouts and false reversals.
Thanks @pelon53