We track millions of social media posts and use machine learning to determine sentiment of cryptocurrencies in real-time. Hourly sentiment can provide opportunities for profit especially in turbulent times like the last week. One signal we look for is a drastic fall in hourly sentiment followed by a sharp sentiment reversal in positive direction, like seen in the chart below for Bitcoin:
It occurred on 1st April 5 pm UTC time. The price at the time was 6500 USD and it was literally the low point of this latest correction. While this kind of sentiment signal was correct in many past cases as you can read in numerous posts on our blog, this time it hit the low point practically within an hour. The price has then rallied from 6500 to of 7500 USD at the time of this blog post. That is a return of almost 15% in just a couple of days on the main cryptocurrency. If you want to improve your trading in cryptocurrencies you can start using our platform BittsAnalytics – just subscribe at www.bittsanalytics.com.