"BAT/USDT Buy | S6T3 | Team Trading Contest Post for Reminane”
Greetings to you my noble professor @nane15. Indeed I am so happy to be among your team which is Reminane that is lead by you and professor @reminiscence01. Firstly I will begin my Day 1 Trading with BAT/USDT Buy. Let's get straight through my trading below.
Name and introduction of the project token, and which exchange it can be traded on, project/team/technical background, etc.
Basic Attention Token, is the full meaning of BAT. The Basic Attention Token (BAT), is a token that is created to support advertisers and users for their attention. In a simple word BAT is a token that is used to control a new blockchain based digital asset advertising company that is designed to reward every users fairly for their time nor attention. Brave browser is mostly where users can earn BAT tokens, and it provide advertising platform with a good ROI on their what their spend on ad. In the brave browser user can simply watch privacy, adverts and earn BAT rewards for their attention. However advertiser, can provides targeted ads to maximize users engagement and bring down it losses due to abuse and fraud that can happens.
The Basic Attention Token, is the unit that is use to reward users in advertising ecosystem, and is created in such a way that it can be exchanged between publishers, users and advertisers. Advertisers used BAT tokens to make payments for so their advertising campaigns can be advertise on brave browser. And out of the amount that is paid by adverstisers, their received a small portion, whereas users received about 70%.
Basic Attention Token (BAT) was launched in 2017 after the successful sell out initial coin offerings that happened in that same where a total of $35,000,000USD was raised with a minute of launching of the token.
Brendan Eich and Brain Bondy are the two founders of the Basic Attention Token (BAT). The both of them are highly professionally recognized in internet browsing software firm. The CEO of the brave software inc is Brendan Eich, the software inc, is the company that control the Basic Attention Token (BAT) and the Brave browser. Base on his previous leadership at Brave, Brendan Eich was also the founder of and CTO of another popular browser called Mozilla and in addition to this he was the one that invented JavaScript in the year 1995. Later in the year he launched and upgraded version of Mozilla which is called the **Mozilla Firefox browser in 2004.
Similar, Brian Bondy who is also one of the founder joins Brave and Basic Attention Token as a CTO, he is known to be an highly engineer with vast experience at Mozilla, software and equally he has previously works at Khan Academy before joining the Brave browser.
Exchanges that Basic Attention Token (BAT) can be traded
BAT can be traded in several cryptocurrency exchanges using different crypto pairs. However, some of the most popular cryptocurrency exchanges that you can trade BAT are listed below with their pairs;
| Crypto Exchanges | Pair |
|---|---|
| Binance Exchange | BAT/BTC, BAT/USDT, BAT/USD, BAT/BUSD etc |
| Coinbase | BAT/USD, BAT/USDC |
| Kucoin | BAT/USDT |
| Houbi Global | BAT/USDT |
| Bithumb | KRW |
Although, apart from the Exchanges listed in tabular form above there are many other exchanges that you can trade your BAT token which is shown on the screenshot below.
screenshot gotten from TradingView
Why are you bullish on this token today and how long do you think it can rise?
The reason why I am bullish about BAT token today and how long I think it can rise is that both BAT and its ecosystem has significantly achieved a lot of success ever since it was launched in 2017. As I have earlier said, in 2017, when the token was launched as an Initial Coin Offering (IOC) within a minutes $35M was sold which means that the token will become what companies will be using to pay for ads. Meaning that the price of the token will definitely rise. As at 2020 which was around October, Brave Browser there was a total of 20.5 million users that was active using the brave browser monthly, while its BAT tokens was held by over 368,000 wallets that are unique. (i.e verified wallets)
Another reason is that it's incentive, in such a way that its ecosystem reward users directly with the BAT token for listening to ads or watching ads. Apart from this, I been monitoring the price of BAT on my Binance exchange ever since I discovered about the token and from my discovering I came to find out that BAT token has been rising just as BTC is rising.
How to parse the token? (In this part you should preferably use the knowledge you have acquired in these weeks of learning at the academy, for example follow what I learned in my class or that of my teammate.)
Here I will be applying my knowledge of volume Indicator that I learned from professor @nane15 to carryout my analysis on tradingview before going to Binance Exchange and execute the trade.
The use of volume Indicator to make trading decision is very important when it's used as a confirmation which I will like us to know about first.
Volume Indicators can be used to confirm trend strength and direction as we all want to know when there is an increased in trend direction and decreased in trend direction all this can be Identified using volume Indicator.
For an Uptrend movement, you will see and increased volume when the price of the traded asset is moving up and decreased in volume when the price of the traded asset is moving down.
For a downtrend movement volume is Identify when the price of the traded asset is moving down and decreased in volume when the price of the traded asset is moving up.
Also we are to know that when confirming the weakness of trend, you will see the price of the traded asset reaching a new levels that is higher highs, higher lows or lower highs and lower lows. When you see that the volume isn't supporting and confirming the affomentioned price levels then you should know that is a signal that the trend is getting weak, meaning that potential reserval or retracement can occur.
As for the Breakout confirmation, you will see the that the measurements of volume are usually low during Breakout confirmation. When you see a that the volume is confirming a a higher move or a breakout, then you should know that the volume is trying to pick up. Let's take a look the chart below where I have carryout my analysis based on what I have just explained above.
BAT/USDTBuy
screenshot gotten from TradingView
From the chart of BAT/USDT 15minutes timeframe, looking at the chart I noticed a false breakout at the resistance level. However, I make use of the strategy of market trap to place my order. The price of the traded asset broke a at the resistance level with a bearish trend, before the price then reserved back and continue with a bearish candles before forming a bullish engulfing candles. Looking at the volume we can see that it's low meaning that the momentum to support the bullish trend is low. What I did was to wait for the volume to increase and as it started increasing, was when I the open a buy trade with stoploss below the support level, take profit at the resistance level with a risk reward ratio of 1:1 risk reward which we can see below.
screenshot gotten from TradingView
screenshot from Binance exchange
Your plan to keep it for a long time or when to sell it?
My plan is to sell the BAT token as the price is rising up now, my aim of buying BAT token is just for a very short period of time that can only last for 24 hours before I sell it. Although, if I discovered that after buying BAT and the price started rising up I will keep it for a long time and wait when the price begin to fall.
Do you recommend everyone to buy? Give reasons for recommending or not recommending.
Well what I will say here is that the answer to this question is depends on how the person has plan to invest in the token. If the person has already made up his/her mind to see the token as a risk asset in his/her portfolio, I will say that it's highly recommendable for the person to buy BAT token. We all know that the price of predictions of crypto must especially BAT token are no longer easy and move in line with what we predicts. In a nutshell, it's recommendable that everyone should buy BAT token,but when buying it let it not be your only Investment let there be others Investment on your portfolio. The reasons why I recommend everyone to buy this token is that in July 2022 BAT price rises and reach its all time high of $1.69 USD, which draw the attention of several Investors. So buying this token would not be a lost Investment for you because more Investors are putting their eyes on BAT token.
Conclusion
BAT is also and Ethereum based utility token with several functions that is been using in it's ecosystem system which is the brave browser. Some of its functions are; With BAT advertising space can be purchase by adverstiser that can be used to rewards users, secondly, The BAT that is purchased by adverstiser are used to rewards content creators publishers and users as their contribution and finally to this users earn BAT for the attention that their give to the ecosystem. All thanks to professor @nane15.