Steemit Crypto Academy/ Course by @stream4u- All About Price Forecasting.

The truth is that when I read through this particular task about price forecasting, I simply wanted to back out and the reason is because I feel I am not just good with forecasting and my write-up might not be good enough but then I had a second thought about it, I could really learn from doing this and improve on my knowledge of cryptocurrency so it is not going to be a waste of time and I truly hope as well that I will get some good remark from the professor in charge of this particular topic and assignment, professor @stream4u.

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What is price forecasting?

In a layman’s term it is simply trying to tell what the future price of an asset is going to be but technically, price forecast is used by investors or traders both short and long term, to be able to tell what a future price of a token is going to be by carefully following the pattern of a chart.

Discuss on why price forecasting is needed.

Price forecasting is greatly needed because it helps the process of investment to be made easier, although no one can specifically tell what a market price will be going for in the next minute or hour but with a good chart, prediction is really made possible and some major losses could be avoided.

With a good chart, long time waiting investment duration can be avoided, when a multiple frame chart is set, there is always more room for multiple investments and a less time to spend.

Explain how to do price forecasting through a crypto asset graph.

I tried to study the chart given in the post by professor @stream4u and I feel I have a basic knowledge on what chart study should be about so I decided to take an example of a chart and study it also.

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From this chart, if I were to purchase this DEFI token at early Febuary 2020 at about $190B there will be a series of quick rise and fall in the price but if I can hold for around three weeks, then it is possible for the price to hit $290-300B at which I could sell off at this price, if I however refuse to sell and I keep holding, sometime around the middle of March there is going to be a huge deep and I might need to wait until August or September to make my profit back but I can sell and then buy back again when there is a major deep at $120B, I can decide to pick up profit anytime from there.

Conclusion.

This was a serious one for me and a time consuming one at that being my first time of trying to read and understand crypto charts. A big shout-out to the steemit team for their hard work and I will not forget to also appreciate professor @stream4u for the task and the opportunity to learn.