[ALPHA/USDT] - Short Trade -Crypto Academy Trading Competition - S6T4 | TEAM REMINANE
- Brief About Alpha
Alpha Coin is the first product created by Alpha Finance Lab. This is a crypto token that currently has a stock of 65,000,000. Alpha Coin's highest price today is $0.5785 and is traded on 4 markets. It is an open source code based on Ethereum, with an ERC 20 smart contract with a special scripting algorithm. Currently, it is the cryptocurrency that is attracting a lot of attention.
Alpha Finance Lab's first product was Alpha Lending - a form of decentralized lending. Currently, users can earn profits by lending in the form of giving assets.
If the borrower performs a lending action, the pool will be available, the assets for the borrower to deposit are transferred to the smart contract which is pooled for liquidity in the pool. In the form of interest, the borrower will pay the liquidity provider at a predetermined rate.
Alpha's main goal when it was founded was to promote a focus on building an ecosystem for financial products and services, to serve people on different Blockchain platforms. The coin also brings benefits to other ecosystems such as laryngeal mining and governance voting, staking.
- Where Can We Trade Alpha
To trade ALPHA coins, there are lots of exchange platforms that we can use, below is a list of markets for ALPHA coins according to coinmarketcap :
Alpha Coin has increased in price over time. No one can say for sure how much the price of this token will increase. For now, the price of Coin Alpha is $0.5899 with a percentage of +43%, the market is in an uptrend position.
Why do I choose Short when the market is in an uptrend? Since this is trading on a short timeframe and in analyzing the market movement of Coin Alpha I also use a 5 minute time frame. Where the trend is up, there will be many signals forming a double top reversal pattern, but it is only after the major support levels are broken that the reversal can be confirmed that it will be Bearish.
In trading this time I used the Double Top pattern in analyzing the ALPHA/USDT market. Where the Double Top pattern is one of the important price patterns in technical analysis. This pattern is widely used by traders because it is easy to spot, highly effective, and also provides reversal signals to help determine the correct entry point.
Visually, a double top is shaped like two mountains or just like an M. Double tops often appear at the end of an uptrend, a sign that the market is going in an uptrend, when the price goes up, meets the resistance line without breaking it, it will form the first peak. After that, the price trend reversed but failed to break the support line below, forming the middle bottom. After falling, the price returns to the top again. However, the price continued to fail to break the top and fell back to create a second peak.
The double top price reversal pattern will indicate a trend change from bullish to bearish at least in the medium or long term. During an uptrend, there will be many signals forming a double top reversal pattern, but it is only after the major support levels are broken that the reversal can be confirmed.
As mentioned above, this is a bullish to bearish trend reversal pattern. So when the double top pattern appears, we have to enter a sell order to take profit. Below trade details :
The picture shows that I placed an order at a price of $ 0.52700 for Take Profit $ 0.51680 while for Stop loss $ 0.53930.
It is no coincidence that Alpha Coin has increased in price over time. No one can say for sure how much the price of this token will increase. But it is certain that in the future, this Alpha Coin will still develop rapidly, let's see what the potential development of Alpha Coin will look like in the future.
Maybe if I trade on the spot market I will buy and hold and sell when the price starts to touch $1. But for now trading on Binance Futures is a risky trade. so trade in the short term to avoid liquidation.
Investing in Alpha is considered a potential investment as it is an IEO project on Binance. Currently, IEO is buying Alpha for $0.02, which is quite expensive and is expected to increase in the near future.
Currently, Binance is still developing its products with the aim of attracting users with its own available resources.
In the financial services industry, Alpha Coin is widely used. SWIFT messages are used by banks to make transactions more secure. Ethereum contracts that are considered smart today can also make your network obsolete.
Using Alpha as a Binance alternative will make the distributed logging tool more stable, making computations faster. But for me need to learn more before making an investment.
In trading this time I used a short timeframe and in analyzing the market price movements of Coin Alpha I also used a 5 minute time frame. Short trades on Coin Alpha/USDT on the binance futures platform using 20x leverage. In analyzing the market, the price of Coin Alpha/USD forms a double top pattern on the 5-minute time frame price chart, if the double top pattern is formed there will be a trend reversal from the Bullish to the Bearish trend.
Hello @aldrich10 , I’m glad you participated in the 4th Trading Competition at the Steemit Crypto Academy. Your grades in this task are as follows:
Observations:
This is a good trade setup.
Recommendation / Feedback:
Thank you for participating in this trading competition.
Thank you sir