Trading hourly sentiment reversals in recent downturn – around 30% return on Bitcoin from 6th to 7th February
We track millions of social media posts and use machine learning to determine sentiment for 200+ of cryptocurrencies in real-time. Hourly sentiment can provide opportunities for profit especially in turbulent times like the last few days. One signal we look for is a prolonged fall in hourly sentiment followed by a sharp sentiment reversal in positive direction, like seen in the chart below for Bitcoin:
It occurred on 6th February 6am UTC time. The price at the time was 6200 USD and has since then rallied to the price of 7700 USD at the time of this blog post. That is a return of almost 30% in around a day. Find out more about our data and analytics tools at www.bittsanalytics.com.
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