UNFI/USDT - | Steemit Crypto Academy | S6W2 - Team Trading Contest Post for Investors-Team.
The Project
Unifi Protocol Dao (UNFI)
Created by the company; Sesameseed, Unifi Protocol DAO is a beautiful decentralized finance (DeFi) project by Juliun Brabon, Kerk Wei Yang and Daniel Blanco. UNFI was released in 2020, since then has been very proactive in integrating the blockchain technology and all its products into the financial world. It’s affinity and support for smart contracts opened a channel for companies to build smart contracts to solve their problems.
The UNFI is versatile and aims at interoperability and utility across different blockchains.
UNFI is a combination of blockchains and smart contracts with a proof-of-stake (PoS) consensus algorithm. This means UNFI rewards those with stakes with ability to influence the blockchain. POS is not a very scalable mechanism, however it is a definite upgrade to the limitations and disadvantages of Bitcoin’s proof of work.
Tokenomics
UNFI has a total supply of 10,000,000. As at time of writing; 2,856,577 UNFI tokens are in active circulation on the market.
More than 50% of the UNFI tokens are dedicated to its Liquidity Providers and Ecosystem Development (LPED) fund, 15% shared between founding team and other vital developers as rewards, 12% acquired by nvestors during a private sale, 10% of UNFI tokens were set aside for Ecosystem Support, another 6.5% was acquired by investors during a seed sale. The remaining, 5% of the total supply was designated to Pool Mining activities.
Analysis
You do not need to guess, Yes. I used the 48 EMA and 96 SMA again to trade as support and resistance as well as signal crossovers, but yesterday’s events made it obvious I needed something new. What did I add?
Another strategy taught in the academy; MULTI-TIMEFRAME ANALYSIS.
From the image above I noticed market retesting a broken neckline. This was a sign to buy, however, I could not trust it especially after the ranging market of yesterday hit me.
BUY SIGNAL 1
Taking it down to 1hr I realized there was a sideways swing between support and resistance and price was currently at resistance
SELL SIGNAL 1
On the 15 minutes chart I saw:
SELL SIGBAL 2 (price trading below MAs)
SELL SIGNAL 3 (MA bearish crossover)
SELL SIGNAL 4 (the double top pattern)
Already convinced from the 15 minute timeframe I still checked the 5 minute time fram and had the exact same results.
7 sell indications vs 1 buy indication, I took my trade. What trade did I take?
Trade
Of course I placed a sell trade.
I monitored this trade, setting my stop loss and take profit at 1:6
1:6 risk to reward.
As the trade progressed, I decided to secure my trade better by reducing my stop loss, just above the MA lines.
New stoploss at 6.360. The trade hit $200 percent profit.
After some time I noticed the neckline wasn’t broken, and seemed to hold. At first I reduced my stoploss to 6.265 to lock in $1 in profit.
As time went I realized market could soon start buying, and take away my profits, a double bottom was forming, so I closed manually with over 170% in profit.
$6.7 plus in profit.
Yep, I was right. A pull back when the day was already ending. Good thing I trusted my instincts.
Trade Details
PARAMETER | VALUES |
---|---|
Entry | 6.293 |
Take profit | 5.545 |
Stoploss | 6.427 |
risk to reward | 1:6 |
Closing price | 6.084-6.085 |
profit/loss | $6.73+ |
Conclusion
Trading today was fun! Almost 200%😌. Multi-timeframe analysis has become a must-use for me with this result. I hope to trade better than this tomorrow. Thank you to the professors who have taken their time to teach us these strategies, thank you very much.
El proyecto Unifi Protocol DAO me gustó, se ve que puede tener éxito. Muy buena explicación y detallada.
Muy buen análisis y es importante el uso de los diferentes marcos de tiempo, ya que ayudan a visualizar mejor el mercado y lo que el precio puede hacer.
CUMPLE CON EL CLUB5050.
Buen trabajo.
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Calificación: 9.7