This week has been quite a relief for many in the market, with Bitcoin rallying from its open at $49k to hit a high of $58.5k. The next major resistance level is $59.5k, and if it manages to reclaim this next week, we’re likely to see continuation soon.
Overall, the month of April was a bit underwhelming for Bitcoin, since it has historically been a very bullish month, but this time it closed around 1.6% down. Stocks, on the other hand, have had a much better time in April, with the S&P 500 and Dow Jones Industrial indices closing the month with a 4.7% and 2.4% gain, respectively.
As for us here at NewsCrypto, we’ve been working on several new and exciting features, and the one I’m most excited about personally is definitely the AI Sentiment Price Prediction tool that will be implemented on our platform on Wednesday.
The importance of sentiment can hardly be overstated — after all, sentiment is what moves the market at the end of the day, and even TA is essentially a condensed indication of sentiment. That’s why we spent a lot of time working on this tool, which will use state-of-the-art machine learning to analyze the sentiment about a specific token through various social media and news channels, and then predict the closing price based on historical (and continuously adapting) correlations between price and sentiment.
The beauty of AI is that it does this on its own; there’s no need to have any subjective human factor in the mix, rather, the algorithm analyzes all possible data and provides its prediction completely free of any bias.
Apart from this, we’ve also made a partnership with Morpheus Labs, a project that aims to make implementing blockchain-based decentralized solutions easier than ever.
I’d say that their vision ties in closely with that of NewsCrypto, and together we’re proud to be bringing the education and market knowledge as well as the development tools needed to build decentralized applications to everyone interested. More and more businesses are starting to leverage the unprecedented transparency and security of the blockchain, and I’m convinced that this is the way to go in the future. From finance to supply chains, the future is decentralized, and at the end of the day, what matters is that this will help make all our lives easier!
As we’re all watching to see if Bitcoin will reclaim the next resistance, I hope you have a good week regardless of what happens and I look forward to writing to you next week (hopefully with some good news about the markets as well!).
NWC CEO, Vid Gradišar