APEUSDTPREP Buy (Long)-Steemit Crypto Academy | S6T3 | Team Trading Contest Post for Reminane

Hello everyone, I'm very excited the trading contest is back. For this week I'm honoured to be a member of Team Reminane. This team is headed by Crypto Academy Professors @nane15 and @reminiscence01.

For the past weeks, I still practised trading. Had losses, profits and gained more experience and control. At some point, I got depressed because I felt I could do better and things just weren't going my way. After having several wins, I had losing days also. The depression occurred as a result of the losses being continuous. I decided to take a break for some days to clear my head up and got back just this Sunday. Fortunately for me, the trading contest had also resumed.

I would be sharing details of my trades. The exchange I'd be using is Binance and I'd be trading futures to be able to leverage because I don't have huge capital and want to make the trades short.

Let's go!

ApeCoin was launched on the 17th March 2022 to serve as the governance and utility token of the BAYC. BAYC (Bored Ape Yacht Club) is an NFT project of Yuga Labs. This token receives stewardship from the APE foundation. The APE foundation is the bases layer on which token holders can build.

The board serves as an overseer of the proposals and management of the DAO community. Board members serve for a 6 months term and are annually replaced with new members through voting by the DAO members.

ApeCoin is an ERC-20 token. It allows token holders to get access to services of the APE ecosystem and also participate in ApeCoin DAO.

APE has a current price of $12.25 and is ranked #42 in the list of cryptocurrencies from CoinMarketCap. It's market cap is $3,398,284,222. It has a total supply of 1,000,000,000 APE.

APE has an all-time high of $39.40. This was just 6 days ago. Its all-time lowest of $1 was recorded the same day also. This has really piqued my interest in the token as this shows it has the potential to rise greatly.

APE is listed on many exchanges like Binance, KuCoin, Huobi Global, Bybit, Gate.io etc. It has various markets also.

I woke up to see APE as one of the top gainers on CoinMarketCap. I hadn't seen it before and so I quickly read something small and went to the charts to see whether I could find a spot to enter a trade. One of the top comments that influenced my reaction towards APE was "$APE Two big whales in the top 10 of Eth, have bought huge quantities of ApeCoin ... you continue to discredit this coin and stay out of the project ... then you will cry ... :)". This comment was from DucaRic on the Live ApeCoin Chat on CoinMarketCap.

I checked the charts and noticed the pumps and was intrigued. BTC had also broken the 42k resistance and so I expected most coins to be bullish today.

In some months to come, I expect APE to reach about $60.

The name of the APE asset I chose to trade was APEUSDTPREP. This asset is available on Binance Futures. I use a very simple trading strategy. Most of the analyses are based on support and resistance. I don't often use complex indicators. The ones I usually use are the 20-period EMA, RSI and at times Bollinger Bands. I also use multi-timeframe analysis to identify good entry and exit points.

I use TradingView to view and perform technical analysis on my PC while I place orders using Binance on my mobile.

The chart above is all the data available for APEUSDTPREP. Just looking at it you can tell it had a very good start and it's still being pumped. I drew the support and resistance lines for the 30 minutes timeframe. It seemed the asset had achieved support at 9.5.

I moved closer to the current price, drew resistance levels to identify the supply zones and also identify a good position for entry and exit. The price was above the EMA which suggested the trend was bullish. Most often I prefer not to trade against the direction of the trend; if the trend is bullish, I take long positions only and if it is bearish I take short positions. This is because trading against the trend is riskier compared to trading with the suggested or identified trend.

After placing my orders, it took a couple of hours before the price reached my entry. The trade details would be provided in the next section.

My plan for APEUSDTPREP is to make profits within a short period of time for this contest. I would have loved to hold for a long period because I see it has the potential to get to about $60. I don't have a lot of capital and so I leverage with Binance Futures. I make sure my margin is enough to avoid liquidation and I also manage the leverage.

I bought 5 APE at a price of 10.7340 USDT. My TP and SL were 11.782 USDT and 9.717 respectively.

After my entry order was triggered, the price was playing around my entry. I decided to use indicators to confirm my position. Before that, I checked the correlation of the asset price with BTC.

The price of APEUSDT had a slight correlation with that of BTC as you can see. BTC had broken its resistance level of $42k and its price had retested. What was expected next was it to moon. Because of the dominance of BTC, its price affects that of altcoins. As a result, I expected APE to rise too.

I decided to also use Bollinger Bands and the EMA to confirm my entry. The Bollinger Band has an SMA, this SMA when it crosses above the EMA often confirms the trend is bearish, conversely when it crosses and goes below the EMA the trend is often bullish. From the image above the EMA is the blue line in the middle while the SMA from the Bollinger Band is orange. The image chart showed that the EMA was crossing above the SMA which showed that the trend was going to be bullish.

With this information and what I got from BTC, I decided to maintain my position.

After a couple of hours, the price started to rise. I adjusted my SL to that I might leave the trade with profits even when the trend reverses.

The price finally hit my TP. The image below shows my order and transaction history

I made a profit of 5.175 USDT. This was a good start for the week. I could have made more but I'm okay with it because I stuck to plan. As I saw the price move I knew the price was going to go above the limit I set but still stuck to plan because the price could have reversed upon reaching the supply zone I marked.

People say this token might be a pump and dump. Well, what I'd say is that it's in its early stages. It's better you buy and hold a little now and sell off at your estimated target. Pum and dumps can cause a breakthrough for you if you identify them early and take advantage of them.

This token is said to be backed by 2 ETH whales. This is proof of its massive increase within less than a week since it was launched. I'd say the time to buy is now and not when it hits 30 USDT. Manage your risk well too, have targets and don't trade without risk capital.

APE is new in the market and it's already listed on many exchanges for stops, future, derivatives etc. This project token doesn't seem like it's going to be a one-stop show. Roaring20s from the live ApeCoin chat said "$APE at $10 reminds me of Etherium at $10". Rather than just doubting the token, it would be better if you took some risk to buy, set your SL and TP and wait for an outcome you predict than letting this opportunity pass.

This trade was done yesterday. I didn't have enough time to share it yesterday and so here it is today. The price details above in the first section were the current price as at the time I was working on this post. I gained more experience and I think taking a break really helped me. I took another trade earlier today which I'd share tomorrow. I hope you enjoyed reading my post.