BTC/USDT Futures (Long) - Crypto Academy / S6T2- Team Trading Contest Post for Reminane

1. Introduction of the token and the exchange in which I am trading

About Bitcoin

I find it a bit strange to explain about bitcoin, because everyone in this world already knows bitcoin. In contrast to altcoins, which may not be known to everyone, but bitcoin I think everyone in this world must have known or at least heard of it.

Bitcoin was born from a paper written by Satoshi Nakamoto, this is a pseudonym and until now the complete biodata of the originator of bitcoin is not known. Bitcoin is a cryptocurrency (virtual currency), bitcoin uses the symbol BTC as the name of the coin. And this is the first cryptocurrency in the world, until now bitcoin has experienced a very significant price increase from the price when it was first launched.

Bitcoin which was launched in 2009 was just under $1, and now it is priced at $39,511.43, with an all-time high of $68,789.63. It is the cryptocurrency with the largest market capitalization in the world.

Bitcoin, which is a virtual currency, does not have coins or banknotes as solid objects that can be seen and held, unlike dollars. However, Bitcoins can be converted into cash on virtual currency exchanges.

Here we will explain the mechanism by which Bitcoin has no actual situation and is traded on PCs and smartphones, and how it differs from electronic money.

Unlike the dollar, Bitcoin does not have an institution that manages its issuance and distribution like a central bank. So what manages Bitcoin is a computer network. Bitcoin trading is a mechanism by which the issuance of a new currency and all transaction details are stored on a computer network. The network is built by blockchain technology which directly connects terminals like personal computers.

Therefore, users around the world can send money 24 hours a day without having to pay a fee to the bank, but of course there are fees imposed by exchanges, and bitcoin wallets. Maybe this is just a brief explanation of bitcoin, because I really believe people already know bitcoin well.

List of markets that can trade BTC

Because it is the first cryptocurrency in the world and also has the largest market capitalization in the world, so we can say that bitcoin is registered and can be traded on all exchange platforms. So, I will only mention a few of the leading exchanges below, including:

Binance, Coinbase, FTX, Huobi, Bithumb, Gate.io, Coinone, Kraken, Bybit, Bittrex, KuCoin, Bitfinex, Poloniex, Phemex, Probit, BitGlobal, Crypto.com, Upbit, etc.

Among the many markets we can use to trade BTC, I chose the Binance exchange platform. Since I'm more comfortable using the Binance platform for trading, sometimes I also use Huobi. But this time Binance is my choice.

2. Why am I optimistic about this token today

What makes me confident trading BTC

I think everyone knows that bitcoin has become an instrument for investing, so do I. There is no doubt about bitcoin, despite the decline, BTC can be believed to be back up.

How long will it go down

To use bitcoin as an investment instrument, we need a large amount of capital in order to make a profit. Therefore, buying and holding bitcoins is simply not possible for me, so I will only be trading bitcoins for a short period of time.

3. Token Analysis

Here, because I use a perputual market with a buy (long) entry, so now I will show the results of the analysis that I have done before. The following are the details of my analysis.

I use the Bollinger bands indicator and also the Vumanchu Chiper B with my chart time frame set to a 15 minute time frame. I am trying to find signals to enter the market. And what I get is a buy signal, because the price seems to have just risen above the middle band of the bb indicator, although it hasn't been followed by a movement from the indicator's angle to the top, but I'm sure I can place a buy entry.

This is because the Vumanchu Chiper B indicator just displayed a green dot as a buy signal, because this just happened, I believe there is an opportunity for me to make a profit even if it is a small amount.

Then, I started placing buy entries at the level of $43522.40. The picture below is proof of my purchase transaction.

4. Do you recommend everyone to buy or not?

Even without me suggesting maybe people already know that bitcoin is a reliable cryptocurrency to invest in. Even though it has a big risk, BTC never disappoints, even BTC has become a very useful instrument in this world.

Even recently BTC was used as an instrument to contribute to the Ukraine and Russia conflicts. So it can be believed that this is the best cryptocurrency to invest in.

So I highly recommend you to invest in bitcoin, but before investing you must pay attention to the risks first. In addition, if your capital is small, I think it's better to invest in other coins because the current bitcoin price is very expensive. Use wise calculations without overriding the risks.

Conclusion

That's my little explanation of bitcoin and the simple analysis I did. Maybe people view bitcoin as an instrument to invest, but without a large capital it will be difficult to get a large return. However, we can use bitcoin as an intraday trading or scalping instrument to profit from it.