Bancor up 25% after rebounding on bottom pattern

Our BittsAnalytics platform uses artificial intelligence to provide its users with automated recognition of technical chart patterns for the cryptocurrency market. In this post we would like to demonstrate how use of patterns can lead to high returns.

As you can see in the following picture Bancor had a bottom pattern already formed through dips in December. And what happened recently is that it had indeed bounced on that bottom support line of 2.44 USD to deliver a return of 25%.

 

If you want to use automated detection of chart patterns with artificial intelligence (as well as many other advanced tools) to improve your cryptocurrency trading it is easy – subscribe and become one of the many users of our platform BittsAnalytics at www.bittsanalytics.com.

Aragon up 90% after rebounding on bottom pattern and our BittsBands

Our BittsAnalytics platform uses artificial intelligence to provide its users with automated recognition of technical chart patterns for the cryptocurrency market. We also use deep learning to generate our BittsBands that show price bands with increased probability of resistance. In this post we would like to demonstrate how use of both features can lead to high returns.

As you can see in the following picture Aragon had a bottom pattern already formed through dips in December and January. And what happened recently is that it had indeed bounced on that bottom support line of 2.27 USD to deliver a return of 90%.

Note that our BittsBands also indicated a strong resistance below 2.2 USD indicating a higher probability of the price bouncing on this level. And that has indeed happened confirming the value of our BittsBands framework yet again.

If you want to use automated detection of chart patterns with artificial intelligence and our advanced BittsBands (as well as many other advanced tools) to improve your cryptocurrency trading it is easy – subscribe and become one of the many users of our platform BittsAnalytics at www.bittsanalytics.com.

Our warning Sentiment Market Indicator was now correct for the fourth time in a row

Market Sentiment Indicator is an indicator which 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 12th March with Bitcoin as a reference for the whole crypto market at around 9300 USD. The signal was again correct, crypto market fell afterwards, Bitcoin at the moment is 7400 USD and thus down more than 20%. This is the fourth 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:

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.

Bitcoin delivers 10% in one day after rebounding on bottom pattern and our resistance BittsBands

A few days ago we noticed that Bitcoin is near the bottom pattern at 8550 USD (we use artificial intelligence algorithms to automatically detect technical patterns for the cryptocurrency market), see our tweet and picture below.

We also use a deep learning algorithm to generate possible price resistance bands, we call them BittsBands and we also added it to our tweet for Bitcoin, noting that the resistance band is stronger around 8600 USD.

As it later turned out, those values of 8550 USD and 8600 USD are indeed the levels around where the Bitcoin subsequently rebounded to now the price of 9650 USD for a nice return of 10% in around a day. In addition to advanced technical analysis just presented, our platform also provides its users with other powerful data and analytical tools. See e.g. the following post of how sentiment determined with machine learning was sending warning signals before the latest downturn of Bitcoin price:

Bitcoin again falls after reaching sentiment high

If you want to use data like this as an additional source of information to improve your cryptocurrency trading, you can start using BittsAnalytics platform by becoming our user: https://www.bittsanalytics.com/subscribe.php

Bitcoin again falls after reaching sentiment high

We track millions of social media posts and use machine learning to determine sentiment of cryptocurrencies. Bitcoin sentiment has been quite useful recently for Bitcoin price direction. See e.g. the recent sentiment development below.

In a similar way as already happened about a month ago (see post below) after sentiment reached the levels from January 14th it again fell substantially.

Of course the drivers were predominantly fundamentally news, on regulation, but it seems that whenever sentiment reaches certain level and optimism some external developments happen to stop it. As such, sentiment can be a really useful indicator for when to reduce positions in Bitcoin and other cryptocurrencies. See also our post about a similar sentiment signal from the past:

Bitcoin on 17th February reached the sentiment level last seen on 14th January

If you want to use data like this as an additional source of information to improve your cryptocurrency trading, you can start using BittsAnalytics platform by becoming our user: https://www.bittsanalytics.com/subscribe.php

Ethereum Classic falls 20% after breaking through bottom pattern support and with weak BittsBands below

In this post we would like to show how to use our two recently introduced features on our BittsAnalytics platform – automated detection of chart patterns and BittsBands – price resistance bands based on advanced analysis of vast amounts of data.

In a recent tweet:

we mentioned that the Ethereum Classic just broke through bottom pattern support and there are no strong resistance bands below 32 USD. This means a higher probability that the price will continue to fall. See both pictures below.

This is indeed what happened afterwards  with price of Ethereum Classic falling through the very weak bands to 25.18 USD as of writing this post. This is another example of combining advanced technical analysis with resistance band to analyse potential future price movements of cryptocurrencies. If you want to improve your cryptocurrency trading with these analytics tools and many other, subscribe at  www.bittsanalytics.com.

Return on Particl 70% – example of using social media analytics combined with advanced technical analysis

In this post we would like to demonstrate how to use our social media analytics combined with our advanced technical analysis on the example of Particl.

Particl had a surge in sentiment and tweets mentions around a week ago. See our tweet from that time:

twitter.com/bittsanalytics/status/969388576575279105

By looking at the hourly data we can see sentiment and mentions surged on 28th February 8pm UTC time when the price of Particl was around 20.8 USD.

While the sentiment somewhat receded this was followed later by another surge in tweets mentions on 3rd March. Social media momentum was strong.

If we now look at the bands provided by our platform:

you can see 1) weak or white band between 30 USD and 32 USD. 2) stronger resistance band above 32 USD. From our bands we would expect a rapid rise from 30 USD to 32 USD and then consolidation or fall back to lower levels. One trading way in addition to original long position is to put a limit buy order at 30 USD and limit sell order at 32 USD. And this is indeed what happened regarding the band 30-32 eventually confirming again the valuable insight from our BittsBands (you can also see how fast was the increase from 21 to 26 USD where the resistance bands were very weak) . See updated chart below:

Total return from original levels around 70%.

If you want to start using our platform subscribe at www.bittsanalytics.com.

 

 

Ripple fell after encountering resistance Bittsband

In this post we would like to introduce the use of our recently introduced advanced feature, Bands or BittsBands, on a concrete example. We are using deep learning on vast sets of different data to assess where could be possible price bands of resistance for cryptocurrencies, see e.g. bands for Ripple below. The more red the particular band is, the higher is the probability that the price will rebound from it when falling towards the band or that it will fall, “repelled” by the band when increasing and encountering the band from below. If the band is particularly weak, i.e. almost white, then there is a higher probability of price rapidly moving through such price band.  Of course not every price movement will follow this pattern as often there are other drivers, such as a very positive news, where the price can rise or fall through such bands. But it can often work surprisingly well.

As an example of use, yesterday we mentioned in a tweet (see below) about Ripple that it would be interesting to see what happens when Ripple reached the rather strong resistance band from 1.05 USD to 1.2 USD:

twitter.com/bittsanalytics/status/970466555074174976

And after the tweet the price first rose to the band, reached around 1.08 and then indeed fell back to 0.96 USD at the time of writing this post.  See the updated chart below:

If you want to start using our BittsBands and many other advanced analytics you can by subscribing at www.bittsanalytics.com. For other examples of using BittsBands see our post about Particl:

Return on Particl 70% – example of using social media analytics combined with advanced technical analysis

or see our recent tweet about Ethereum Classic below where we analysed that due to weak resistance bands below 32 USD it can fall rapidly below 30 USD and this is indeed what happened, it is now around 25 USD.

Lunyr up more than 100% in one day since social media mentions surge

We track millions of social media posts and use machine learning to determine sentiment and number of mentions for 200+ of cryptocurrencies in real-time. Below are hourly number of tweets mentions for Lunyr. The tweets mentions jumped by more than 8 times February 23 at 5 pm UTC time. For us that was a huge bullish signal.  And indeed, over the next 24 hours the price jumped by more than 100%. We often find that the social media buzz is ahead of price.

 

Since closing the sentiment gap, Bitcoin outperformed Ethereum by around 15 percentage points

As we have wrote in our past blog posts we use our comparison analytics for relative selections of coins. We are using it especially for relative allocations between major cryptocurrencies. In this blog post we revisit the relative allocation between Bitcoin and Ethereum as there were recent changes that warrant a revision.

In our previous blog post on this topic we wrote about an outperformance of 40 percentage points of Ethereum since it opened a sentiment gap on Bitcoin on 9th January:

Ethereum outperformed Bitcoin by 40 percentage points since opening a gap in sentiment – use of comparison tools in BittsAnalytics

Around a week ago there was  sharp reversal in this sentiment dynamic and Bitcoin after a few days  again closed the sentiment gap with Ethereum on 14th February. See the chart below. Since this closing of the gap Bitcoin outperformed Ethereum by 15 percentage points confirming that the sentiment comparisons can be powerful trading signals for relative selections.

The use of sentiment analytics for relative selections is just one of many ways you can improve your cryptocurrency trading with our BittsAnalytics platform. You can find more examples here: http://www.bittsanalytics.com/blog/category/bittssignals/ or you can start using BittsAnalytics platform by becoming our user: https://www.bittsanalytics.com/subscribe.php