[FIL/USDT TRADING- SELL] Crypto Academy Trading Competition - S6T4 | TEAM REMINANE
About Project
INSIGHT to FILECOIN
The Filecoin token (FIL) is the native digital token that is given by Filecoin; a peer-to-peer, decentralized network used for file storage. This token is offered as an economic boost to ensure the storage of files is reliable. Filecoin was built on the decentralized file sharing network called InterPlanetary File System (IPFS), and it brought the economic incentive platform and marketplace functionality to this IPFS.
As opposed to the method of centralized storage, Filecoin has aim to keep data in a decentralized way, which will be resistant to problems that usually happens in the centralized system, to protect the integrity of the location of data which makes it easy to be retrieved and difficult to censor. In addition, people are custodians of their own data that they wish to store, and Filecoin rewards the network nodes which mine and also store data found on their blockchain network.
In contrast with storage companies like Cloudflare, where we see that centralized companies are the ones who hold sovereign power over data, Filecoin instead uses this decentralized system to return the power to users.
TEAM
On 10th August 2017, Filecoin did conclude their ICO (Initial Coin Offering) and sold about $257 million worth of FIL within a short period of 30 minutes even though it was initially released on 15th July 2014. This raise was seen be one of the largest token that could be offered at that period of time.
The creators of this token is Juan Benet and the Protocol Labs and below is the whitepaper to this token. Juan Benet is a computer scientist that graduated from Stanford and YCombinator (a startup accelerator). He is the Founder and CEO of this project as he invented the IPFS seen above.
Here is the whitepaper to the project.
The distribution of the token is seen as such;
The reason why I am bullish on this token and see it travelling miles in the future is because it will decrease the cloud storage dependency that exists on centralized platforms. It also permits people to rent out their hard drive storage space for a fee of course, which acts as an incentive to many people in the world once they get wisp of this. Anyone, anywhere can buy this storage they need from the network which will see an exponential rise in the future upon discovery by the unknown masses.
Exchanges
Some of the exchanges where we can transact the FIL token are listed below;
As usual, different timeframes will be used here to examine the current nature of the market and what is happening on a micro and macro scale. Beginning with this, I will like to start from my biggest timeframe while moving to the least.
1-hour analysis
It is observed above that the prices were in a period of consolidation for a while which is imperative that a break out was on the verge of occurring. An interesting price line is seen as a resistance that was earlier broken became a support in the consolidation phase.
15-minute analysis
As seen above, that interesting price line now becomes a support-turned-resistance. Since it was broken and was moving up, the appearance of a bearish engulfing bar signaling a downtrend is sighted. To confirm this, the RSI is in an overbought region selling a sell order is to be set.
5-minute analysis
This is actually where the trade takes place. And will be done using combinations of different indicators.
Here, a break is seen, meaning a retest to this price break is anticipated at the resistance-turned-support. The line also at the RSI features at the overbought region – sell order.
RSI is at the overbought region, there is an overlap from the upward green band to the purple bearish band in the Median inidicator – sell order.
The TRIMA with period 10 is inserted and it is found moving above the candleticks, this prompts a sell order.
With the realization of all these ideas, a sell order is of course set with a take profit around the suspected support level and a stop loss around the previous swing high with orders shown below;
I closed the trade upon the appearance of a +7.48% profit;
As seen above, the current market price of the Filecoin is $25.44 but it has garnered $191 as its all time high price. After proper research, I will think that during the next bull run, I may hold the coin and sell when it hits back this price or at which point I might decide to keep holding to it depending on the news and market technical analysis at that point.
Any other information that wishes to be found out by the trader can be found on their official website;
It is important that a trader does proper research before engaging into anything related to crypto as it is but imperative to not confuse analysis with gambling. At the moment, I will recommend those who are in the accord of buying it as it is evident that this is the next bullish token as it will appreciate as many more users decide to use it for data storage and exchange.
Even though the project is one that looks very interesting and promising, the above information is NOT financial advice and should be considered as the thoughts of a single trader. In this regard, no one should put in money they cannot afford to lose following the suggestions of this post.
CC:
@reminiscence01
Hello @ngongha , I’m glad you participated in the 4th Trading Competition at the Steemit Crypto Academy. Your grades in this task are as follows:
Recommendation / Feedback:
Thank you for participating in this trading competition.