BittsAnalytics provides its users with a wide array of Big Data and advanced analytical tools to produce market timing and trading signals. Trading signals from BittsAnalytics can be based on:
- sentiment analytics of social media posts (we use machine learning for sentiment classification)
- social media mentions analytics
- price resistance bands, BittsBands, obtained with deep learning
- technical analysis of chart patterns (we have automated detection of chart patterns with sophisticated machine learning algorithms)
In this blog post we would like to show how even technical analysis works surprisingly well in identifying turning points. See the chart of double and triple top patterns for Bitcoin (the chart was automatically generated by our AI which does it every day for all cryptocurrencies):
As you can note there were two cases where the Bitcoin established a top pattern and then fell on that top line. First the pattern was established by points 1 and 2 at around 11900 USD. Bitcoin then fell after reaching the level for the third time (point 3). More recently the next top pattern was established with points 4 and 5. And after reaching this level of around 9900 USD (point 6) the Bitcoin again fell and has been down almost 30% since that price.
Top and bottom patterns can thus be a very useful tool for assessing the potential of cryptocurrencies for rise or fall in price. We automatically generate chart patterns like this every day with our AI algorithms and make them available at our platform. You can subscribe at our platform here: https://www.bittsanalytics.com/subscribe.php
Market Sentiment Indicator is an indicator that we use to assess the sentiment of overall cryptocurrency market and is part of our framework of warning signals (* see detailed definition of indicator below). The latest warning signal from indicator came on 5th May with Bitcoin as a reference for the whole crypto market at around 9820 USD. The signal turned out to be again correct, crypto markets went in correction with Bitcoin reaching 7150 USD for a loss of almost 30%. This is the fifth consecutive time our warning signal has been correct, i.e., it was followed by loss of at least ten percent. See the picture below and statistics for previous warnings (updated):
| Date of Warning Signal || Return of Bitcoin from signal to next trough |
| 2017-11-18 || 4% |
| 2017-12-08 || -28% |
| 2017-12-18 || -41% |
| 2018-01-24 || -45% |
| 2018-03-12 || -20% |
| 2018-05-05 || -27% (updated) |
We believe that making profits in cryptocurrencies markets is becoming harder and the winners will be those with better data and better analytical tools. That is what we provide our users with our BittsAnalytics platform and if you want to start using our market sentiment indicator and many other data and tools you can find more information about becoming our user at www.bittsanalytics.com.
* Market Sentiment Indicator or MSI is based on sentiment of individual cryptocurrencies, with sentiment determined with machine learning from tweets mentioning the particular cryptocurrency. It is defined as the percentage of 10 largest cryptocurrencies whose sentiment was positive on a given day. For comparison chart is plotted with Bitcoin open price as a reference for general market.
You can read about our some of our past warnings from market sentiment indicator in our previous blog posts:
Our warning Sentiment Market Indicator was now correct for the fourth time in a row
We are using proprietary deep learning on vast sets of different data to assess where could be possible price bands of resistance for cryptocurrencies. For many excellent past cases of achieving high returns with BittsBands see our blog posts at http://www.bittsanalytics.com/blog/category/bittsbands/
Golem on 2nd May entered price region where it had almost no resistance BittsBands just above 0.6 USD:
In this situation a rally through 0.6 USD to much higher values would have a higher probability. This is indeed what has happened in the last day with the price now reaching 0.91 USD for a return of 48% in just a day.
If you want to include deep learned Bittsbands data in your cryptocurrency analysis you can find it at our BittsAnalytics platform: www.bittsanalytics.com. Platform also has a lot of other advanced data such as social media analytics and chart patterns automatically detected with AI as well as sophisticated analytical tools. These have also proven excellent generators of trading signals, read more about them here: http://www.bittsanalytics.com/blog/category/bittssignals/