Shiba Inu’s price prediction using ChatGPT- Journey to the moon within reach?

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.

• ChatGPT has limitations however a dealer can use the bot to reinforce concepts.
• Simple and fast buying and selling methods for varied timeframes could be rapidly formulated and coded utilizing the bot.

The web was taken by storm by the chatbot ChatGPT in December 2022. The expertise is comparatively new and accessible to most people and has satisfied many customers it’s greater than only a fad.

The bot can be utilized to put in writing poems, make jokes, and write cowl letters, and has even been prevalently utilized in academia. A lot in order that ChatGPT received banned from New York Metropolis’s public faculty units because it might encourage dishonest.

Whereas many of those topics have already been mentioned on-line, we requested ourselves, are there some other ways in which ChatGPT can lend its experience?

Why not apply the bot to cost evaluation? For starters, the bot cannot entry dwell information nor can it carry out net searches. Sadly, ChatGPT shouldn’t be the place to go once we wish to get worth predictions for a coin like Shiba Inu.

Learn Shiba Inu’s Worth Prediction 2023-24

The bot can also be extraordinarily stubborn- it adamantly refuses to even take a stab at predicting what the value of any crypto asset could possibly be sooner or later. All of the whereas it does a terrific job of reminding the person to do their very own analysis earlier than investing and to fastidiously handle the dangers taken.

Can ChatGPT present Pine Script code for merchants? Actually!

Sure, ChatGPT shouldn’t be a finance skilled nor a buying and selling guru, however it could actually churn out code. Technical evaluation on TradingView makes use of the Pine Script language, one thing ChatGPT can make use of and supply snippets of code for. So we requested the bot to put in writing a code to find out if an asset is in an uptrend or downtrend. Easy, proper?

Supply: ChatGPT

Sadly, we had been unable to compile the code on TradingView. Nevertheless, that didn’t imply we couldn’t use ChatGPT’s strategies on methods and modify them. We requested the bot for a easy intraday buying and selling technique primarily based on Stochastic RSI, RSI, and easy shifting averages.

Supply: ChatGPT

A fundamental technique, with the brief SMA being 14 durations and the lengthy one being 28 durations. How efficient is it? Earlier than we discover out, it is very important notice that this technique doesn’t give any guidelines for setting stop-losses, and the take-profit depends on the Stochastic RSI having a crossover reverse to the one used to enter.

Utilizing TradingView constructed indicators and for these specified durations, let’s see if ChatGPT can generate any returns on the 15-minute chart of Bitcoin.

Supply: TradingView

Above, we will see that three trades matched all of the entry criteria- shifting common and stochastic crossover and the RSI is above or beneath 50 for going lengthy or brief respectively. This was indicative of a imply reversion technique, however momentum-following merchants can use RSI>50 as a foundation for going lengthy, and RSI<50 to search for shorts.

Assessing the efficiency of the decrease timeframe trades taken as per standards laid out utilizing ChatGPT

The trades taken had one success, one failure, and one commerce with an R: R of 1.42. Collectively they achieved a +2.64 RR over three trades- however to successfully backtest, three trades isn’t sufficient of a pattern dimension as nearer to 3 hundred can be mandatory.

Due to this fact we will see that a big a part of filtering and producing indicators comes all the way down to us, the person. A person can tweak and fiddle with the code ChatGPT gives, and pester it to make use of completely different indicators, to see if higher outcomes could be achieved.

Allow us to attempt to use the Supertrend indicator and the RSI to generate purchase and promote indicators, with the Stochastic RSI to present comparatively extra favorable entries. This can be a momentum-following concept, and we will use the findings for Shiba Inu to see if some outcomes are generated.

Supply: TradingView

Entry circumstances are defined by the bot, and we modified the stop-loss and take-profit circumstances. Cease-loss is on the Supertrend at entry time, invalidation being a flip of the Supertrend.

In the meantime, take-profit is the following Stochastic crossover in reverse circumstances to entry (above 80 crossovers within the case entry is beneath 20 crossovers, for instance). We discover the 15-minute chart gave 4 trades from December 12 to fifteen, with +3.13R. Some suboptimal trades, such because the +0.93R, had been additionally instructed.

As soon as once more it should be confused that the pattern area for this technique was tiny. The purpose shouldn’t be the efficacy of the technique, however the truth that the dealer and bot can work collectively to seek out options in an try to beat the market.

When enquired concerning the suboptimal entries, ChatGPT replied that technical evaluation ideas like trendlines, Fibonacci retracement ranges, candlestick patterns, and worth motion setups similar to inside bars can be utilized to present higher entries.

Supply: ChatGPT

Dozens and dozens of indicators can be utilized on TradingView. Free accounts can solely use two indicators at a time. That needn’t cease the intrepid pupil of the market. Quantity indicators similar to OBV, A/D, and CMF could be employed. The ADX indicator can add affirmation to shifting common crossovers. Or, honest worth gaps/inefficiencies at vital Fibonacci retracement ranges like 61.8% or 78.6% can be utilized to observe the pattern.

The chances are countless, and one can use ChatGPT to refine their concepts. Go on the market and have enjoyable! However earlier than that, we should reply a query ChatGPT didn’t. The place precisely is Shiba Inu headed? To the moon?

Shiba Inu faces near-term rejection at resistance however one other 30% push greater might quickly materialize

Supply: SHIB/USDT on TradingView

The rally from $0.00000817 was used as a swing low to plot a set of Fibonacci retracement ranges. These ranges have been revered by the value, which instructed that the northward resistance ranges may also be revered. This meant bulls can look to take revenue on the 23.6% extension stage. This stage has some confluence with the horizontal stage of significance at $0.000013.

Is your portfolio inexperienced? Examine the Shiba Inu Revenue Calculator

On the time of writing, SHIB fought onerous to climb previous the $0.000011 space of resistance. This stage was a robust zone of assist in early October. Furthermore, the rally later that month additionally noticed a response on this space.

Therefore, consumers can anticipate a transfer above $0.000011 and look to purchase a retest of the identical, concentrating on $0.0000131. One other chance was a retracement to the 50% mark at $0.0000096, which was damaged as resistance a number of days earlier. It’s because the $0.0000095-$0.00001 pocket has been noteworthy for the reason that November crash. A revisit to this space can supply shopping for alternatives.