Chat GPT do a TA about bitcoin

[Nrcewker]

To be honest chat GPT is just a bot, which uses information available all across the web and then gives a detailed summarised answer based on this. Moreover many times it has provided inaccurate answers to some prompts also. So yes regarding investment plans, then I won’t suggest any bots for this. The TA that ChatGPT has done can also be done by you and that too more accurately if you have visited few good websites. Nevertheless ChatGPT is just another bot which makes small tasks easier.

[Tytanowy Janusz]

To be honest chat GPT is just a bot, which uses information available all across the web and then gives a detailed summarised answer based on this. Moreover many times it has provided inaccurate answers to some prompts also.

How does it differs from us? how does it differs from every single crypto celebritiy posting their analysis on twitter? why do you rank the human brain so high compared to AI? the truth is that both the AI ​​and the human brain only do one thing - desperately searches for patterns in the soup of information it receives. the answer to who will create a better analysis, human or AI, depends only on how much data in what time and how well it is able to process and how good a pattern to find. In the first 2 indicators, AI definitely beats us. It's only a matter of time until he starts repetitively winning in the third. In my opinion, it is worth learning how to use AI now because traditional information-finding will soon become ineffective in such a competitive profession as an investor/trader.

Saying "why should I use an AI when I can do it myself" is like saying "why should I use a computer when I can count everything myself on a piece of paper".

[Woodie]

The fact that when you asked the AI bot a question and returned an answer of only being able to process data up until 2021 makes it a waste of time for me!
But of course for other questions they do give satisfactory answers, and this being an era which depends heavily on such technologies I wouldn't want to be fighting this tech but embrace it with due diligence!!!

For those that might want to be reliant on this tech , try ask AI to solve mathematical questions and see it fail or bring out wrong answers...which is why I say proceed with caution!

Btw those AI predictions arent convincing for me because its being spoon fade with the kind of data it needs to generate an answer which makes it less authentic for me

[dragonvslinux]

To be honest chat GPT is just a bot, which uses information available all across the web and then gives a detailed summarised answer based on this. Moreover many times it has provided inaccurate answers to some prompts also.

How does it differs from us? how does it differs from every single crypto celebritiy posting their analysis on twitter? why do you rank the human brain so high compared to AI?

It's a fair point. There are also clear differences from crypto influencers posting their TA online, as a lot of their TA is bias based on what will give them clicks, likes and more clout. At least ChatGPT doesn't care about clicks and likes, or it's reputation. When it comes to many subjects ChatGPT will give you dumb answers, but when it comes to analysing data based on historic techniques, it's probably not far off accurate.

After all technical analysis isn't looking into a crystal like many people assume, it's merely applying probabilities to different scenarios, generally based on technical indicators that have been around for years or even decades. I'm sure in the near future there will be more AI-based trading bots, given that there already are success trading bots based on specific indicator-based strategies.

On another note, can you ask it more specific questions, such as what is the % chance of the 200 Week MA holding as support, or otherwise price re-testing $20K, or breaking $30K, etc? I mean rather than simply short, medium and long-term price predictions, more price-specific questions. That'd be interesting to hear what ChatGPT considers the % chances of reaching certain prices are...

[KingsDen]

Out of curiosity, I asked Chat GPT for predictions on future Bitcoin prices. Of course, it immediately mentioned that it only has data up until 2021.

Yes of course, it will mention that it does not have data for future events also, so any information it's providing for bitcoin future price is purely speculation.

After providing it with the current data from the last six months, it generated the following prediction.

Please, how were you able to provide it with current data? Please share with me. Thanks!

[Tytanowy Janusz]

Please, how were you able to provide it with current data? Please share with me. Thanks!

I've copied the daily OHLC from coinmarketcap and pasted into the discussion. GPT chat has no problems remembering what user said earlier in the conversation ... or at least that's what openAI claims, in fact it wasn't that easy, because the bot got lost when combining data from several messages, it didn't inform that some of the messages were lost by character limits, etc.

[ZAINmalik75]

/Snip

It's interesting to see that how AI Chat GPT help you but in my mind you and everyone should avoid it because here huge kind of risk involved, as from different people review there are alot of mistake done dy Chat GPT in different aspects and still ongoing so doing Technical Analysis from AI will cost you too expensive Because it's not like a human who will be responsible for any kind of loss through his Technical Analysis .
As for better Technical Analysis you have to done it by yourself   because let suppose you lose money by your own Analysis will not hurt you much as because on the others hand it will teach you a lesson and help you to gain experience.

[Tytanowy Janusz]

It's interesting to see that how AI Chat GPT help you but in my mind you and everyone should avoid it because here huge kind of risk involved, as from different people review there are alot of mistake done dy Chat GPT in different aspects and still ongoing so doing Technical Analysis from AI will cost you too expensive Because it's not like a human who will be responsible for any kind of loss through his Technical Analysis .
As for better Technical Analysis you have to done it by yourself   because let suppose you lose money by your own Analysis will not hurt you much as because on the others hand it will teach you a lesson and help you to gain experience.

I didn't mean to try to convince you to blindly listen to the AI. I will tell you on my example. I've been 100% leaving from trading for 7 years and yet I follow on twitter few TA bitcoin "specialists" as well as some macroeconomics "specialists". Not because I don't trust myself or because I want to copy-trade them. I do this to compare my analysis with someone else's and to include in my analysis things that I may have forgotten or missed. therefore, I deliberately choose people who often have opposite views to mine, because subjective human brains are much better at looking for confirmation of their theories than counterarguments. AI in this case can replace or complement "experts".

[Fatunad]

It's interesting to see that how AI Chat GPT help you but in my mind you and everyone should avoid it because here huge kind of risk involved, as from different people review there are alot of mistake done dy Chat GPT in different aspects and still ongoing so doing Technical Analysis from AI will cost you too expensive Because it's not like a human who will be responsible for any kind of loss through his Technical Analysis .
As for better Technical Analysis you have to done it by yourself   because let suppose you lose money by your own Analysis will not hurt you much as because on the others hand it will teach you a lesson and help you to gain experience.

I didn't mean to try to convince you to blindly listen to the AI. I will tell you on my example. I've been 100% leaving from trading for 7 years and yet I follow on twitter few TA bitcoin "specialists" as well as some macroeconomics "specialists". Not because I don't trust myself or because I want to copy-trade them. I do this to compare my analysis with someone else's and to include in my analysis things that I may have forgotten or missed. therefore, I deliberately choose people who often have opposite views to mine, because subjective human brains are much better at looking for confirmation of their theories than counterarguments. AI in this case can replace or complement "experts".

Depends on a certain approach because there are ones who do really praise up AI existence and there are ones who would really be still that dubious on what it do.Yes, its true that it is really that something beneficial
when it comes to other aspect but we should really be that wary and sensible enough to differentiate on which one is a realistic approach and which one is delusional or really that simply be able to determine among the two. If you do see that applying out ChatGPT analysis is something that relevant or beneficial then it would really be on your choice whether you would really be continuing on making use of it or would really
be sticking on  your own.

There are really moments on which on the time that we are really experiencing some losses no matter how well we do and this is why we do really think off for some alternative which is really that a common approach.
So its a personal choice which one you would really be using whether basing up on AI suggestions or you would really be sticking on your own analysis.

[Dave1]

To be honest chat GPT is just a bot, which uses information available all across the web and then gives a detailed summarised answer based on this. Moreover many times it has provided inaccurate answers to some prompts also. So yes regarding investment plans, then I won’t suggest any bots for this. The TA that ChatGPT has done can also be done by you and that too more accurately if you have visited few good websites. Nevertheless ChatGPT is just another bot which makes small tasks easier.

Right and just like the trading bot that some of us have used, it makes our lives easier, as long as we know how to plug the parameters, everything will be automated for us.

Of course, I can understand your point, but who knows, it has been evolving very fast, not just in crypto world, but every other industries. You can even tell AI now to create a program for you. So that's how deep this AI industry for now and we can't discount that it might help us traders in the future, specially those who don't know how to do technical analysis.

[KingsDen]

Please, how were you able to provide it with current data? Please share with me. Thanks!

I've copied the daily OHLC from coinmarketcap and pasted into the discussion. GPT chat has no problems remembering what user said earlier in the conversation ... or at least that's what openAI claims, in fact it wasn't that easy, because the bot got lost when combining data from several messages, it didn't inform that some of the messages were lost by character limits, etc.

Ok, I have thought that it's such a crazy thing that will require some hacks from the backend.
Yea, it can remember previous conversations but when there are inconsistent data from different sources, the result will be somewhat inaccurate.

[Tytanowy Janusz]

Ok, I have thought that it's such a crazy thing that will require some hacks from the backend.
Yea, it can remember previous conversations but when there are inconsistent data from different sources, the result will be somewhat inaccurate.

Yeah it's very inaccurate. The longer i use it the lesser I'm scared when reading articles "AI will kill us all". At least not in near future. The answer is very often stupid or at least wrong and slight changes in prompt generates complete different answers. You have to continue to ask untill answer start to sems plaseble.

[Kadal Ijo]

As an investment that is currently popular, of course Chat GPT takes advantage of the moment to provide information about bitcoin, this will certainly make the number of new users continue to increase so that one day the price of bitcoin can reach millions of dollars, now is a great opportunity to buy and don't miss it.

[_BlackStar]

As an investment that is currently popular, of course Chat GPT takes advantage of the moment to provide information about bitcoin, this will certainly make the number of new users continue to increase so that one day the price of bitcoin can reach millions of dollars, now is a great opportunity to buy and don't miss it.

LOL - I'm just not going to believe a lot of what they say in price predictions. Average answers will only point to probabilities and probabilities - so you still have to adjust at your own risk and do a reasonable analysis.

Try using Chat GPT to learn how to analyze bitcoin prices instead of using them to predict prices. Predictions will never be correct because the market is only determined by traders and their activities.

[Tytanowy Janusz]

LOL - I'm just not going to believe a lot of what they say in price predictions. Average answers will only point to probabilities and probabilities - so you still have to adjust at your own risk and do a reasonable analysis.

Try using Chat GPT to learn how to analyze bitcoin prices instead of using them to predict prices. Predictions will never be correct because the market is only determined by traders and their activities.

But traders and their activies is determined by their predictions made on the basis of the calculus of probability, which again depends on the available data and general knowledge, in analysis of which AI is slowly surpassing us. Currently chatGPT is not good at making accurate price predictions. I agree with you. However, this is a linguistic model powered by human conversations, not a mathematical model powered by the price history of hundreds of thousands of assets in all possible time frames.

Every human body is different and yet ... AI can predict cancer better than human.
https://www.medicalnewstoday.com/articles/ai-outperformed-standard-risk-model-for-predicting-breast-cancer

Its only a matter of time.

[_BlackStar]

-snip-

But traders and their activies is determined by their predictions made on the basis of the calculus of probability, which again depends on the available data and general knowledge, in analysis of which AI is slowly surpassing us. Currently chatGPT is not good at making accurate price predictions. I agree with you. However, this is a linguistic model powered by human conversations, not a mathematical model powered by the price history of hundreds of thousands of assets in all possible time frames.

I believe AI may be useful for a trader's investment plan - but I do not completely agree that traders rely entirely on AI predictions. AI should not be able to surpass human capabilities in many ways and I cannot trust AI any more than I can trust my own brain and experience in the market.

Although AI can predict prices to the best of its ability, the experience of a trader and an investor is the best practice that will support their investment plan. Especially in the long term - I stick to my own plan.

[STT]

Automation efficiency can be exceeded by a bot over a human but not conclusions formed, the bot is just searching for answers to similar questions to the one you asked.   When it finds relevant information which is a useful task it will format and present that to you but its made quite clear its just a reformulating the search data afaik.
Theres no comparison between the person and AI to me, the person is aware of the knowledge its collating far more then the AI which is doing a good job to categorize in various ways so thats everything is related.  The conclusion is really still left to the person and often it wont be an immediate logical answer given but hopeful of some help in the pure data presented easily and while in a background window especially this kind of multi tasking is always going to be useful as a tool.
  Its good they have give some autonomy to the computer to decide no your question is not correct, here I have found a direct contradiction that proves the answer is no.  Thats useful but it has to be quite clear and plainly obvious for the AI to be answering fully yes or no I have found.  It can be a learning aid I think, really awful when used to prove an essay answer etc.  it would reflect badly on the student.

[Yatsan]

-snip-

But traders and their activies is determined by their predictions made on the basis of the calculus of probability, which again depends on the available data and general knowledge, in analysis of which AI is slowly surpassing us. Currently chatGPT is not good at making accurate price predictions. I agree with you. However, this is a linguistic model powered by human conversations, not a mathematical model powered by the price history of hundreds of thousands of assets in all possible time frames.

I believe AI may be useful for a trader's investment plan - but I do not completely agree that traders rely entirely on AI predictions. AI should not be able to surpass human capabilities in many ways and I cannot trust AI any more than I can trust my own brain and experience in the market.

Although AI can predict prices to the best of its ability, the experience of a trader and an investor is the best practice that will support their investment plan. Especially in the long term - I stick to my own plan.

AI could only utilize existing data programmed into it and not generate their own info. It happened that TAs are based from patterns and previous price movements such as determining the buyer's zone and seller's zone. So I guess AIs could be a good tool for investors as well but analysis would be and should be coming from the investor himself. AI's output does not include emotion and sometimes it plays a role in every investor's decision. Also with decision making whether to continue holding or setting a stop loss. However, the bottomline is, these will just be tools to help us and I agree that relying that much into it won't be advisable.

[Tytanowy Janusz]

AI should not be able to surpass human capabilities in many ways and I cannot trust AI any more than I can trust my own brain and experience in the market.

Although AI can predict prices to the best of its ability, the experience of a trader and an investor is the best practice that will support their investment plan. Especially in the long term - I stick to my own plan.

After reading books from Harari, Sam harris, David Eagleman and few more about human brain, how it works and how it evolve "from animals into gods" I don't think we are much of a different form AI. Our brain has only basic mechanisms at birth (Sucking Reflex, Babinski Reflex, Grasping Reflex, Moro Reflex) and then it gets a soup of random information from all senses and desperately looks for patterns in it constantly creating new neuromal connections if a pattern is "invented". AI is not much different in this regard. ChatGPT also got a soup of information from OPENAI and looks for patterns in it. The only real difference between us is the length of AI training (length of evolution of this new species) and the amount of information it has. Given the pace of AI development and moors law, AI will probably soon achieve an undisputed advantage over humans in every possible aspect. The only thing that will then differ us from AI will be the "soul given by God", but this is only an element of religion, not science.

Name one thing that makes you better than AI will be in 10 years from now.

[Chainsmokers]

I've tried ChatGpt and tried to find out about Bitcoin analysis, unfortunately Chatgpt really doesn't want to give an answer because he's not an expert haha,
if chatgpt is able to provide answers of course traders will feel happy because trading in bitcoin is getting more and more successful.
it is better to make your own TA and analyze it, because if you are able then you will be successful in the future.