Crypto Academy / Season 3 / Week 5 - Homework Post for @yousafharoonkhan
It was a great lecture and i am glad to participate in this homework post, I am @kelechisamuel and this is my homework post for week 5
Define Death Cross and Golden Cross in your own words. And what is the significance of DC and GC in trade? And what effect do these two have on the market?(in your own words)
the death cross is an exponential moving average indicator technical analysis that is seen when the short moving average probably a 50 MA is seen crossing below a long moving average probably 200 MA. it is mostly seen in a doji candle stick pattern. A lot of people consider it a savior indicator signal as it has been proven to save many investor in the past years 1929, 1938, 1974, and 2008 helping investor avoid a major loss.
- the death cross signifies a major bear movement that shows a massive sell off by whales of the asset
- It signifies a fall in the price of security price at the point where the 50 MA crosses the 200 MA showing a long time bearish movement in the market
The effect of death cross (DC) on the market is seen as a corresponding bearish movement in a long term, how ever if the resulting bearish movement is on a short term the setup is considered invalid and we watch again
the golden cross is an exponential moving average indicator technical analysis that is seen when the short moving average probably a 50 days MA is seen crossing above a long moving average probably 100 days or 200 days MA. it is mostly seen as the gift that is most sought after or seen as a pot of gold since it detects a major sign for a strong bull or buy signal
- the golden cross signifies a major bull movement that shows a massive buy off by whales of the asset
- It signifies a rise in the buying interest of the asset as the 50 MA crosses above the 200MA showing a long time bullish movement in the market
The effect of golden cross (GC) on the market is seen as a corresponding bullish movement in a long term, how ever if the resulting bullish movement is on a short term the setup is considered invalid and we watch again
How many days moving average is taken to see Death cross and Golden cross in market for better result and why?How to see death cross and golden cross on the chart. Explain Death cross and Golden cross on the chart, (screenshot necessary)
Since it is greatly expedient and important that we study the death cross and golden cross along short term and long term moving average. so in order to see the death cross and golden cross in the market for better result it is advisable to adjust the moving average to 50 days MA for short term and 200 days MA for long term.
Although some traders make use of a 50 day MA and a 100 day MA to determine it on a shorter time frame but it is greatly advisable to use the 50 and 200 EMA so that while the 200 MA is on a long term, the 50 MA could stay closer to the price actions and create the first line of support for the golden cross or the first line of resistance for the death cross
The golden cross and death cross could be seen if the following steps can be followed. for this question, i will be using the trading view website
- open your browser and enter www.tradingview.com as seen in the image below
- as soon as the website page opens, click on Charts as seen in the image below
- as soon as you click on chart a chart will open as we can see in the image below
- after opening the chart click on the Indicator, navigate to built in and select Moving Average
actually because we need two Moving Averages, we need to double click on the moving average in order to get both 50 and 200 Moving Averages in the long run
- click on the first moving average setting and set it to 50 days
click on the second moving average setting and set it to 200 days
Now on the chart we can see the 2 moving averages where 50 days is orange and 200 days is purple
You can see clearly in the chart below as explained above about the death cross that the 50 MA is crossing below the 200 MA which indicates a bearing movement and this occured on a BTC?BUSD chart on a 2hr time frame and we can see it was followed with a corresponding fall in price of the asset
You can see clearly in the chart below as explained about the golden cross that the 50 MA is crossing above the 200 MA which indicates a bullish movement and this occured on a BTC/USDT chart on a 15mins time frame and we can see it was followed with a corresponding rise in price of the asset
What is Binance P2P and how to use it ? How to transfer cryptocurrency to p2p wallet? How to sell cryptocurrency in local currency via p2p (any country or coin)(screen shot neccessary to verify account)
Binance p2p also called binance peer to peer is a system of transacting with users of binance without a third party or any involvement from the binance company which gives you freedom to choose your merchandise and payment platform to trade your crypto asset according to the terms that suits you
Binance p2p gives you the platform to trade, sell and buy in your local currency
Also the p2p feature is quite easy to use
- First Login to binance.
- click on the wallet icon.
- click on p2p trading.
- click on the asset you wish to transfer, send, sell, or buy.
Sell: it indicate that the user has the ability to sell crypto assets on the binance platform
Buy: It indicates that the user has the ability to buy cypto assets on the binance platform
Transfer: It indicates that the user needs to transfer assets from spot wallet to the p2p trading environment
send: It indicates that the users can send from p2p to spot wallet or another binance account
- Open the Binance
- click on the wallet.
- make sure you are on the Overview page.
- click on transfer.
- select the wallet in which you wish to transfer to, click on p2p wallet
- select the asset you wish to transfer
- input the amount and click on transfer
- click p2p trading to continue after you have seen transfer successful
I will be giving a breakdown of how to sell usdt in my local currency, first of all
- Open the Binance app, navigate to the wallet page and click on p2p
- click on sell to sell the usdt
- you will see different sellers with different price ranges and conditions, choose the one that best suits you
- Input the amount of usdt that you wish to sell, and also input your mood of payment. For me i will be using the bank transfer
- before you click on sell, go through his terms and conditions and cross check if they are alright with you. If yes, then you can sell
- A timer will be displayed in which the buyer is expected to make payment before it elapses
- A chat box will be opened where you can communicate with the buyer
- After payment has been made, confirm from different platforms of yours that the payment is genuine then click on confirm payment
- A popup will be displaced to re-confirm
- next you will be required to put a one time password from your mobile number. unfortunately I couldn't screenshot because binance wouldnt permit me
- as soon as you put it, you trade is complete
see screenshots below arranged according to the procedures
What are the things to keep in mind during P2P trade and descrbe its four advantages and disadvantages.(own words)
- Scammers are real
- always read the terms and conditions before you proceed
- confirm money before releasing asset
- Avoid third party
| ADVANTAGES | DISADVANTAGES |
|---|---|
| 1 .No Trading fee | The Refund process are very hard to start |
| 2. flexible and you can withdraw your funds when you want | send money to a wrong channel is possible |
| 3. Can trade in your local currency | fradulent activities are high |
CONCLUSION
The lecture was very educative and a learnt a great deal on moving average, death cross, golden cross and also how to effectively make a trade on binance p2p, and all the aforementioned are great analytical tools that should be understudied by any trader
best regards @yousafharoonkhan .
Respected first thank you very much for taking interest in SteemitCryptoAcademy
Season 3 | intermediate course class week 5
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