*** ![FA8D1A7B-6F02-48E8-B1EF-67B884E011E5.png](https://cdn.steemitimages.com/DQmcDCUJAU18Hk3AMDu5VjszH6We1vf5FS9eHdByN1Vxf9Z/FA8D1A7B-6F02-48E8-B1EF-67B884E011E5.png) _{Designed on Canva} **** Hello steemians, I would love to join Prof. @reminiscence01 to welcome each and everyone of us to week one of the crypto academy trading competition. Today, I will be trading BTC/USDT pairs on spots trading to make some good profits. If you reach the requirements, you could join me to do same by reading up the competition rules on this [link](https://steemit.com/hive-108451/@reminiscence01/crypto-academy-trading-competition-or-s6t2-or-team-reminane).
![ve_crop_1644247074738.gif](https://cdn.steemitimages.com/DQmY5HGLzCDL8uFkEJy91xwKYJy6EywH3Sog764k7sWffAz/ve_crop_1644247074738.gif) ### Introduction to BTC ![line2.jpg](https://cdn.steemitimages.com/DQmamoWwUKXG72UdCEbd7FqGkrsBNXdSomtYC88fny8YZcc/line2.jpg)
Bitcoin is the first crypto currency project to be created. It was introduced by Satoshi Nakamoto on the 4th of January, 2009. Before that date, he released a document on the official Bitcoin website, [bitcoin.org](bitcoin.org). This document was called the white paper and this is where the founders tried to explain what the project was all about. Bitcoin was invented to created a **peer-to-peer** payment system which would eliminate banks or other intermediaries when performing transactions. It used the **blockchain** technology to do this. Also, bad government policies which formerly affected and deteriorated the economic value of fiat currencies could not affect the Bitcoin ecosystem. After some time, the blockchain technology was largely adopted in other projects and alternate coins like ETH and XRP were invented. BTC is currently valued at about $44,000 today and we can say that people who invested as much as $100 into the project back in 2010 are multimillionaires.
![ve_crop_1644247074738.gif](https://cdn.steemitimages.com/DQmY5HGLzCDL8uFkEJy91xwKYJy6EywH3Sog764k7sWffAz/ve_crop_1644247074738.gif) *** **Tokenomics of BTC** *** ![C27EDCFE-76E0-466C-8AC3-318A5982041F.jpeg](https://cdn.steemitimages.com/DQmbzyzo5pd6eyGY2c9dhJ39Hugz64VU525578UctvgxZtn/C27EDCFE-76E0-466C-8AC3-318A5982041F.jpeg) _{[coinmarketcap](https://coinmarketcap.com/currencies/bitcoin/)} *** BTC is ranked 1st with a market cap of **$831,589,036,295** and a circulating supply of **18.971.775.00 BTC**. It’s current price is $43,832.96 It is set to be issued as block rewards to miners until BTC surpasses its total supply of **$21,000,000 BTC**. BTC has a mechanism called **halving** which slashes block rewards by half every four years. This helps to reduce the rate of **inflation** on the BTC token. The last halving took place 2020 and currently, miners receive 6.25 BTC as block rewards. In the last year, BTC attained a low of $28,893.62 and a high of $68,789.63.
*** **Exchanges BTC can be traded on** *** Exchanges are platforms were cryptocurrencies can be traded on. Being that BTC is the first coin to be created, it can be traded on all exchanges. 1) Binance 2) Huobi 3) Coinbase 4) Bitfinex 5) Okex 6) Kraken 7) Kucoin 8) FTX 9) Uniswap 10) Pancake swap 11) Sushiswap 12) BitFlyer etc.
![ve_crop_1644247074738.gif](https://cdn.steemitimages.com/DQmY5HGLzCDL8uFkEJy91xwKYJy6EywH3Sog764k7sWffAz/ve_crop_1644247074738.gif) *** **Why are you optimistic about this Token today, and how long do you think it can rise?** *** Well, I just want to do a short term intro day buy trade with some cash I converted from fiat to USDT. While watching the charts, I noticed a spike in charts, so I decided to enter the spots markets for some quick profits. Aside that, generally, nobody is ever sure of how long a crypto currency project can rise but with all the fundamental analysis I’ve done, BTC has high potentials and is the best and safest coin to **hodl** long term.
![ve_crop_1644247074738.gif](https://cdn.steemitimages.com/DQmY5HGLzCDL8uFkEJy91xwKYJy6EywH3Sog764k7sWffAz/ve_crop_1644247074738.gif) *** **How to analyze the token?** *** ![6F813952-B294-4099-8F12-AE4BC32FBB50.png](https://cdn.steemitimages.com/DQmP8zSTESmU6hs22wkmDUcL2APemx7hr7r2qFkW6M5bb2w/6F813952-B294-4099-8F12-AE4BC32FBB50.png) _{[BTC/USDT](https://www.tradingview.com/chart/zaJskMoT/?symbol=BINANCE%3ABTCUSDT)} *** Well, today, I did one of the riskiest trades ever but I want to share my experience with the society. When I logged unto the BTC/USDT TradingView, as you can see above, I noticed that the Stochastic indicator was about to enter the oversold region and the parabolic SAR indicator was already under the price. So I was about to set my price entry points but I felt sleepy and dosed off on the trade. *** ![683F4417-E3FE-4FEF-9772-1D2DED2C86FF.png](https://cdn.steemitimages.com/DQmdxaZzFeGf3E3va36ZMofGsAp45uVBEBdwzjatBoGuvpt/683F4417-E3FE-4FEF-9772-1D2DED2C86FF.png) _{[BTC/USDT](https://www.tradingview.com/chart/zaJskMoT/?symbol=BINANCE%3ABTCUSDT)} *** On waking, I saw the market in a massive bull run and it already broke the point of resistance which was meant to be my take profit level. But on looking at the price, it broke resistance and price action analysis tell me that **when price breaks the resistance level, there’s a probability of the market going bullish**. I took this as an opportunity and decided to enter the market when the price came down to $39,200 **with a market order**. My take profit level was to be set at the next resistance level. *** ![78AC9315-7EFF-4674-AB4A-5159439AE4BC.png](https://cdn.steemitimages.com/DQmQ2mYGhyqTTKeNkx8Ur8z6s6YyACmS2nsSyptAwr5GS1D/78AC9315-7EFF-4674-AB4A-5159439AE4BC.png) _{The Binance App} *** Here, I made a buy market order at $39,228.31. ![0C256039-A303-4B41-9105-70ABE6CA0BFA.png](https://cdn.steemitimages.com/DQmeyoxBpQrJNtSyJc84UNBegxe79q9JmZukb4MfHAmPtCK/0C256039-A303-4B41-9105-70ABE6CA0BFA.png) _{The Binance App} *** After watching the charts, I sold at $40.921.18 Well, this was a nice and funny experience but I finally sold my BTC assets at 40,921 which gave me some good profits. *** ![EBEAEFF3-D0EB-4956-82B5-461DA4926137.png](https://cdn.steemitimages.com/DQmRSzBsTcAFT6F5ZYogUj7fJRf81SDRmkrzjN8sMdMtbCd/EBEAEFF3-D0EB-4956-82B5-461DA4926137.png) _{The Binance App} *** Here is the confirmation of my trade.
![ve_crop_1644247074738.gif](https://cdn.steemitimages.com/DQmY5HGLzCDL8uFkEJy91xwKYJy6EywH3Sog764k7sWffAz/ve_crop_1644247074738.gif) *** **Your plan to hold it for a long time or when to sell?** *** Well, if you look at the trade I did above, I already sold my BTC assets. I still plan to buy BTC again but when it approaches the support level.
![ve_crop_1644247074738.gif](https://cdn.steemitimages.com/DQmY5HGLzCDL8uFkEJy91xwKYJy6EywH3Sog764k7sWffAz/ve_crop_1644247074738.gif) *** **Do you recommend everyone to buy and the reasons for recommending/not recommending** *** I would recommend everyone to buy BTC long term for so many reasons. **Safest Crypto currency project**: The crypto currency space is quite risky and over the years, we’ve watched a lot of projects rising with the hype and in the end it gets dumped but BTC still remains. This has made a lot of people trust and believe in BTC. It is actually the most popular and the more people demand and hold this coin, the more it will increase in its value. **Alt coins price action depends on BTC**: In the crypto currency ecosystem, all coins are highly affected by the price action of BTC. If there is bad news which dumps the value of BTC, all the coins in the market will also experience bearish trends but BTC is not affected by the price movement of alt coins. This makes BTC more reliable. **Halving**: Halving reduces the inflation rate of BTC which sustains the health of the coin.
![ve_crop_1644247074738.gif](https://cdn.steemitimages.com/DQmY5HGLzCDL8uFkEJy91xwKYJy6EywH3Sog764k7sWffAz/ve_crop_1644247074738.gif) *** **Conclusion** *** Today was an uneasy and frustrating day for me but luckily we made some profits after all. I so much thank all the Profs for teaching me all I know. CC: @reminiscence01