Our Sentiment Market Indicator was flashing warning at 9800 USD – correct for the fifth time in a row
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|
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:
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