Bitcoin Forum

Hi everybody, can anybody suggest me a good platform for automatic pattern recognition?
Like able to spot falling wedges, ascending triangle etc.

There are plenty of like these but not sure if those common pattern can really be guaranteed for reference. I dont know but I always compare falling wedges situation and triangles for more chances of option before I execute such orders.

can you tell some names?

Executing your strategy would be easy for Gunbot (https://gunbot.ph), but it doesn't have the capability yet to check patterns. Since patterns like is subjective to the charter, it's pretty easy to have mistaken about determining those. It's better to chart and then trade them manually. Gunbot could help you with that. After charting your pattern, you could quickly alert and trade it automatically once it satisfies your condition.

Those platforms are not anywhere to be find and most of them actually hurt you more than they help you. There are two types, one type is the one that is legit but most of the time those movements do not mean anything in crypto and you make a move based on that and you end up losing too much money, the other one is scammer directly and you end up losing money directly without even doing anything, not even a chance to make it back.

So long story short, automatic pattern recognition is not something in crypto, there is no patterns in crypto to be honest, there are things that happened in the past, and there is no guarantee that it will happen again, so long story short we end up with losing money if we try to calculate based on patterns. This is why I suggest you to stay away from automatic pattern recognition because there is no patter how could there be automatic versions.

I believe your goal is to make your trading process easier, spot entry and exit point easily, and then make decent profits from it?

Using a bot as mentioned above is probably the closest solution to what you're looking for. Most bot use algorithm that technically will spot pattern and then use it to make your trades, even if they don't print a chart or anything like that. As for trading platforms, I don't recall any website like that. Most of the time you'll have to analyze it on your own.

As mentioned above by some our community members you can have trading bots which can make predictions for you taking market conditions,history charts and then suggest you best options to invest in.

Some trading bots on different Exchanges (https://www.guru99.com/best-crypto-trading-bot.html)

But don't blindly follow them as they are just market predictors and they could be wrong.Use your knowledge combined with the information provided by them and use your smart work to make profits.

Those trading bots usually do not look for patterns, they usually look for indicators and buy when you want it to buy and sell when you want it to sell, like let's say buy when BB is under 20 and sell when weekly is over 200 and so forth like that. Basically it is something that normal trader that knows how things work would be able to use normally, there is nothing that would make it work for a simple trader that doesn't understand from chart reading or indicators to use, that is why I do not believe that it would work for regular people.

It is not going to be simple for everyone to use it, but it is better than nothing. I still think there is nothing related to patterns because bitcoin doesn't provide any patterns, people think it does but the reality is different, I think every day is a different day in crypto and just because something followed another before doesn't mean same will happen later as well.

What is the benefit of identifying patterns if it is not intended to be taken in forecasting prices?
Lots of websites and services offer accurate price analyzes, and then you can find out about market trends, which is something you cannot do by identifying patterns or knowing their names.
One of the good tools I recommend is https://academy.glassnode.com/

How realistic can it be to follow a pattern that may not be certain to repeat it self? Dont confuse yourself if you dont understand it, not to lose your money, you can stay away. Trading is not for everybody.

Its obvious you can hardly find any trading platform with those features you are requesting for, even if available it might only work on mt4 or mt5 platforms, a way out is to get resources on the internet or YouTube and learn how to draw those patterns manually it may take some time to master them all but once you can grab the whole patterns surely you wouldn't have any difficulty in spotting them manually.

News and events has something to do with the market but if the pattern about charts, you cannot connect that if a trader looks at the chart and finding out patterns of what might happen next. But I agree as you have mentioned about manual.

Usually that kind of feature is mostly provided by another third party. I guess OP got now a lot of idea of which going to suit what he's looking at.