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Bitdroid like Blockchain technology itself is positioning itself as a disrupter of the status quo regarding market prediction. The current dominance of technical analysis as a tool for market prediction is a misnomer, merely a fools guide to the markets peddled by an industry who knows better.
This erroneous technical analysis is employed by the plethora of stock market, and now cryptocurrency market traders and trading bots. In both the stock market and cryptocurrency, algorithmic trading bots are based on the amorphous ballooning number of technical signals, ranging from the ever-popular MACD oscillators to Relative Strength Indicator (RSI) and stochastics.
The main problem, among many, many others with this historical price-based technical analysis, is in the very substrate it is analysing, historical prices, the data set it is analysing is unrepresentative of future price behaviour.
This approach is not working, being debunked by those enlightened traders and institutions alike see articles from Forbes, CNBC, and many other individual traders for scepticism. Traders especially see this approach as useless information overload, an over-engineering of a flawed approach to an issue is not the same as solving it. This is akin to putting more deck chairs on the Titanic, the ship is still going down.
Bitdroid As A Fresh Approach
Bitdroid breaks from this approach, using only live order book data, not historical price changes as its model for future market prediction. It believes that historical data and price cannot predict future price, as market prices have an inbuilt situationism. That they are a product of their time, with the markets being influenced by many disparate unrepeatable factors. Be it economic political, social that are specific to the historical situation occurring at that specific time.
To use historical prices to predict future behaviour is to ignore the ongoing socio-economic and political influences that are extremely important to market price. Try using technical analysis for trading the pound during the pivotal week of Brexit votes in the U.K. commencing 14th January 2019, and your trading account will show you how flawed this model is.
Trading With A Heuristic Approach
Bitdroid developed by Daniel Harvey, is a graduate in Computer Science from the University of Bath, began his career as a trader in fixed income at Schneider Trading Associates (STA) in London. Seeing how these flawed models of analysis permeated his industry, Daniel wanted to develop a new approach to market analysis.
He developed Bitdroid as an amalgamation of human and machine, blending the execution and data handling capabilities of algorithms. With an experienced trader’s eye, encompassing all the heuristic, and intuitive analysis of the market only a human can bring.
Trading As A Synthesis of Man And Machine
This is achieved by Bitdroid analysing various cryptocurrency exchanges live order books, using specific API’s to get data from these sources. The algorithm has been coded to interpret the data of the order book in the way an experienced tape reading human trader would do. With the trader specifically looking to predict the behaviour of various groups of traders, not price itself. This is key, the heuristic behavioural analysis of predicting the behaviour of groups, some call whales, within the cryptocurrency market.
This has specific validity within this market, as all experienced cryptocurrency traders know. Huge swings are predicated on these seemingly random market orders, with huge limit and market orders being put in, wildly affecting both current and future prices.
Bitdroid is actively looking at the behaviour of the tape constantly, to effectively build up a method of analysis of the behaviour that precedes these huge orders. Creating its projections based on specific sensitive order book data. Essentially, to be able to predict with its signal when a “whale” will act a certain way based on the behaviour of the data of the live market order book.
Bitdroid A Multiple Platform Approach
Delivery of this analysis is of paramount importance to Bitdroid, which aims to provide responsive, efficient prediction for its users, first through its website at, bitdroid.co.uk, but also for subscribers through the platform telegram. Where signals for trades are provided seamlessly, this provides clients with messages containing up-to-the-minute trading information at their fingertips.
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