Why Technical Knowledge is Important in Crypto Trading : Homework Submitted and Own Explanation by @antonette

Hello to all @crypto-academy professors and to all students ! Thank you to @stream4u for this opportunity to be a part of this academy. This is very helpful for a newbie crypto trader like me to learn more about cryptocurrency.

As a beginner in trading industry I'm really having a hard time to learn everything about crypto and because of lack of knowledge. I did lose some money in trading.

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Based on my friends said that I need to do the DYOR or “Do Your Own Research " So I began to do some research and about crypto trading charts on YouTube and study and apply to my trade at Binance.

=These are the questions that I need to answer based in my little knowledge and experience about crypto trading.=

1. What is the role of technical chart ?

This is the method of chart a trader can use
to predict the price and movements of a coin.
In this method we can predict and decide if it
is a good time to buy a coin and check if the
price is low then we can buy in dip and sell
high in time when it pumps.

1. Why do you think technical knowledge is important ?

To become a trader in crypto technical knowledge is very important. You cannot just do anything when you do not know what you are doing. Aside from being risky in just one mistake might lose your money. It already happened to me in my first trade because I'm out of knowledge I just bought in high price and suddenly dumps lose my money.

Through technical knowledge you will become cautious and observe the movements of the crypto market whether it can be bullish or bearish.

1. Uptrend or Downtrend when is the good time to buy a coin?

Uptrend -A candlestick of uptrend shows that the price is high it is not good to buy, but this is the good time to sell if you bought a coin at low price.

Downtrend - This is opposite to uptrend it is a red candlestick it shows that the price of the coin is down. It is a good time to buy a coin at low price and sell at high price.

It is not a good decision to sell when it is downtrend you are going to lose.Instead, it's better to hold and wait when the price rise up.

My explanation to this chart about steem yesterday the steem is bullish its good to sell when it's bullish. The price rise up to 0.00000760 so for example if you buy a coin from the price of 0.00000424 and sell at 0.00000760 that means that you are making a good profit.

The price now is 0.00000706 it drops, but there is still a chance that it will rise up, and hopefully it will rise up to the moon because it will be a good benefits to us steemians.

Thank you for reading and as a inspiration to grow @stream4u @steemitblog @Steemcurator01 @steemcurator02