I asked ChatGPT Cardano’s price and here is the trading advice it gave me

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

On 14 March 2023, OpenAI announced the release of their newest, smartest bot so far. ChatGPT 4.0 is better than version 3.5 in a multitude of ways. However, even the 3.5 bot can be used to our advantage. What can the bot contribute to a trader whose focus is technical analysis?

The bot proved useful in explaining and presenting information on a variety of tools and price action concepts. When prompted, it can explain the calculations and the usage and interpretation of many of the common indicators that traders use, ranging from RSI to Bollinger bands. It can also provide users with guides on how to begin to analyze the market using the principles of Elliot Wave Theory. While it can not coach advanced concepts by itself, it can be a useful assistant.

One major limitation of ChatGPT is its lack of access to live data. This means that the bot cannot dissect current information such as live prices or other relevant data points of the market. It cannot be used as an alert bot for topics beginning to gain traction quickly, nor can it respond to a considerable flurry of buying volume on a low-cap coin in the crypto-market. However, it can be used to string together TradingView indicators for a beginner trader to come up with strategies.

Taking the help of ChatGPT in devising a basic intra-day strategy

One can come up with an endless array of strategies to trade on various timeframes using a combination of TradingView indicators. The only limitation is the user’s imagination and familiarity with indicators. It is unlikely that ChatGPT can come up with predictions based on data for the prices of an asset such as Cardano. The AI model developed by AMBCrypto, on the other hand, can.

Read Cardano’s [ADA] Price Prediction 2

Go to Source to See Full Article
Author: Akashnath S

Did you like this?
Tip BTC Newswire with Cryptocurrency