Automatic price channel prediction.
Experimental tool which makes technical analysis easier. We are trying to predict support and resistance levels for different timeframes.
First of all, I need to tell you that this tool isn’t “Magic wand” and it’s unlikely that you can get your first Lambo immediately after exploring this tool.
Secondly, we don’t sell anything and don’t promote any coins or trade signals.
Thirdly, we still don’t have a Nobel Prize in Economics, and this tool is just our attempt to understand market better, find trading patterns and satisfy our interest in developing high-performance analytical tools.
This tool consists of three charts which help with technical analysis for the next 24 hours, 7 and 30 days. Each chart is based on data from three previous periods. A channel prediction for 24 hours is based on data from the last 72 hours. A channel prediction for 7 days is based on data from the last 21 days and a prediction for 30 days is also constructed. The weight of data decreases with time. Reports are updated hourly.
Each chart has the following elements:
- Volume profile histogram in the left part of the chart.
Volume profile histogram is based on the data from the previous three periods and is designed to determinate price channel.
You may read more on how to use this type of chart in technical analysis in this article on one of the popular trading sites:
- Red lines
They are edges of a current price channel based on volume profile analysis.
- Orange lines
They are main resistance and support levels for the chart, which were achieved in the course of past trades. They do not depend on the selected period.
If more than 10 levels are found for the current price range, then 10 most significant are selected and shown on the chart. The weight of the level is based on a scale from 0 to 100. Where 100 is the weight of the global minimum or maximum (depending on which trend was stronger). The weight of the remaining levels is always less than 100 and shows how significant the minimum or maximum was.
- Cryptocurrency price chart
It’s weighted price from dozens of main exchanges.
Probable Use Cases
1. If you do not have a short-term trading strategy and want to open or close a position in the near future, the table of current levels can help you choose the best price.
2. You have a short-term trading strategy, but it does not take into consideration all historical minimums and maximums. In this case, it will be useful for you to see levels that can significantly influence the behaviour of the market.
The choice of a timeframe (24 hours, 7 or 30 days) for analysis depends on your trading strategy.
Despite the fact that we create prediction page for several hundreds of coins you must remember that this tool can be useful mostly for coins with large trade volume.