Spotting Cryptocurrency Pumps and Dumps
How can I profit from the bot?
The bot provides you extra information in the form of signals about altcoins that are sent to your Telegram. You can use these signals as hints at shifts in market situation and factor them in your trading.
Are there any buy/sell signals? How are users supposed to know when to sell? Why that coin is dumping? Your bot is not working!
CryptoPing doesn’t send buy or sell signals yet. It sends signals about unusual market activity in relation to current trend or market history, factoring volume spikes, price changes, market history, current trend and such. Therefore it doesn't provide sell signals or targets, and it's up to you to assess the situation yourself, while bot signals provide additional context.
One of the nearest bot updates that we're going to release will feature the support/resistance levels included to signals, so that might give you a general idea of nearest targets or where to place your stops. Our next goal is to release a social trading platform for altcoins where users will be able to copy trades and follow signals shared by experienced traders, and sell signals will be most likely present there.
Do you have any guides on how to use the bot signals and how to trade by them?
We are preparing basic guides on how we would recommend to use the signals, and plan to release the guides soon. But generally we suggest you study the basics of technical analysis and market psychology, there is a lot of information on the internet and books that can help you with that. With that knowledge, you’ll be able to place the signals into the market big picture and decide what they could mean.
We have plans to develop a social trading and educational platform in the future (see our roadmap for details), so if you are still uncertain about how to approach trading, you can wait until we release it.
What do “1/7d”, “2/7d” mean?
“*/7d” means the amount of signals for the coin on a given exchange for the last 7 days, for example “1/7d” means that it's the first signal for that coin on that exchange for the last 7 days.
I cannot figure out how to set custom signals via Telegram. How do I do this?
All CryptoPing signals are automated and you cannot generate any signals manually aside from price threshold alerts. If you need price threshold notifications, you can create your own custom price alerts in the bot chat: click “New signal” button and follow the instructions; once the coin price crosses threshold you’ve set, the bot will send you a notification.
Are there any delays between the bot alerts and real market?
The dashboard stats can be delayed by about 20 minutes, but that's only statistics numbers. The signals themselves are sent to Telegram immediately. The bot reacts not strictly to price spikes or strictly to volume changes, but to a number of factors and patterns, and more confirmations of situation can be needed for a signal to occur.
How do I add coins to the watchlist?
The bot tracks all coins on all supported exchanges (Poloniex, Bittrex, Cryptopia) automatically and sends signals for all coins as they occur. The bot can also send price threshold notifications individually by coins. To create a threshold notification, in the bot chat press “New signal” button and follow the instructions.
Do I receive information only about price/volume increases but not regarding significant price drops?
We do not send signals about significant price drops, because we didn’t design bot for that. Our solution revolves around market interest and clues into future price action. We are considering adding more types of signals in the future.
Can I send other commands to see volume or order book?
Not at the moment, but we're working on adding more commands like that to the bot in the future.
Does the bot notifies you only when the pump is happening at that moment?
No, the bot reacts to a number of factors, and it might send you signals about a coin for days before any pump actually happens. For instance, one-time price spike from a large buy, that is inconsistent with the trend, is not a pump, but can trigger a signal.
The bot doesn't tell when a dump is happening and doesn't send any signals right before it.
That’s the top feature requested by the users and it’s on our list. But while it’s missing you can still create your own price threshold alerts in the bot for specific coins, so if you want a warning, you will get one if you set it up.
For how long are signals valid or on what time frame should I use it, like 1 hour, few hours or day or two?
Signals cannot be valid or invalid, they are just new information and it's up to the traders to evaluate the market and decide what the signals could mean for them personally. Sometimes signals can be days away from any real price action.