FLOWUSDT - BUY - | Steemit Crypto Academy | S6W4 - Team Trading Contest Post for Team Frontline | by @benjamin09
The name and introduction of the project token, and which exchange it can be traded on, project/team/technical background, etc.
The FLOW blockchain can be understood as a decentralized blockchain platform where users can easily have access to play games and also use several apps that are supported by the blockchain network. On this blockchain, for the users to acquire anything, they will need to have the native token of this blockchain which is the FLOW token. Users can carry out transactions using the FLOW token and it can also be used to pay platform and network fees. Let us find out more of the FLOW token below.
The FLOW token which is a very important token as we just discussed above, can be traded on many different exchange platforms such as Poloniex, Bittrex, Binance, Huobi Global etc. Several trading pairs for the FLOW token are also available for transactions such as BTC, USDT, BUSD etc.
The following information can be gotten from the above image.
- Price - $6.92
- Rank - 53
- Market Cap - $2,477,172,067
- Fully Diluted Market Cap - $9,575,173,564
- 24H Volume - $120,295,494
- Circulating Supply - 357,722,074.00 FLOW
- Max Supply/Total Supply - 1,378,211,739
Why are you bullish on this token today and how long do you think it can rise?
From the above price data, we can see that the price of FLOW has really experienced some changes during its existence. with the all time high being $46.16. When we look at the most recent price changes, we go to the 24 Hour price changes. For the 24Hour price changes, we can see that the price is at 1.15% average increase in the 24H price. This is quite impressive as within the past 24Hours, there was a very huge bearish run that caused the price to experience a drastic downward fall. It is recovered quite nicely after that incident and hopefully, we expect to see more of this bullish action.
Technical Analysis
For the technical analysis of this FLOWUSDT trade, I will be using the following technical analysis tools; Volume indicator, RSI indicator, Parabolic SAR indicator, Support and resistance lines.
In the above chart, we can see that the price of FLOWUSDT experienced some upward movement until the point when there was a breakout at the resistance zone. As expected, this resistance zone now turned into being the support zone for this bullish movement. After the breakout, I don't rush in to place my trade. I wait for a retest of the trend at the support line. We can see that the price shortly moved downwards towards the support line and due to the buying pressure, the price bounced off and bullish movement is expected from here. Before I place my buy order, I look at the RSI which is above the 50 point level which indicates that the bulls are dominating. Also, we can see the parabolic SAR's dots below the price also indicating a bullish trend. And finally, we can see the Volume indicator experiencing some rises. This analysis was done on a 1 hour chart. In order to place my entry order, I go to the 15 minutes chart.
In the above 15 Min chart, we can see clearly the retracement of price at the support line. At this juncture, after doing my confluence trading as well multi-timeframe analysis, I place my buy long order at the market price.
Binance mobile app
We can see the transaction details of the trade in the above image. The transaction was carried out using the Binance Futures account and at a margin of $5.27. This makes a good risk management because my total trading capital is $40 so in case of unpredicted movement, my trading capital will be safe even if the trade runs for a long period of time.
Your plan to keep it for a long time or when to sell it?
Binance mobile app
I don't plan on holding this trade for long. It is for this reason why I have placed my take profit and stop loss orders. The take profit is placed at a price of $7.2 and the stop loss is placed at a price of $6.763. This is done so that the risk:reward ratio is 1:2 having the margin of loss less than the margin of profit.
Do you recommend everyone to buy? Give reasons for recommending or not recommending
I recommend everyone to look for good entry positions and place bullish long trades. This is because, as we can see in the above image, the FLOW token is seen to be in a bullish trend. We can see that there was some very strong bearish action at the beginning of the 24H chart, but later on, the price entered a bullish phase constructing a market structure of higher highs and higher lows. The market is currently seen to be rising. This is why I recommend everyone to enter the bullish market.
Conclusion.
As we have just seen above, after carrying out my fundamental analysis on the FLOWUSDT pair, I went further to carry out my technical analysis. These analyses was done and with the entry point gotten, the trade was placed with a proper risk management strategy that doesn't harm the trading capital.
Thank you for reading.
@abdu.navi03
@shemul21