Newsletter 57: Getting It On The Target!

5 mins read

“Fast is fine. But accuracy is everything.” 

10 days has passed since the Bitcoin Halving and it has been eventful. Every aspect of the Bitcoin network has been monitored, analysed and reviewed such as mining Hashrate, Unspent Transaction Output (UTXO) and $BTC fund movements to name just a few. With many factors in play, speculation is rife.

 

Orchestrator: A better price when using it on 21 May

The events that unfolded in the past 24 hours has seen Bitcoin prices reaching over US$ 9,800 and falling to as low US$ 8,800. 

The following screenshots of the BitOrb Exchange trading page will give you a glimpse of how traders can use the ORCHESTRATOR to “catch” the wicks of price movements as far as possible from the expected price stabilisation points within a given period.

 

View of the BitOrb Exchange: Chart and Indicators


Generally, traders will be able to identify various resistance and support levels. Usually, they will place orders where these levels are, to get good entries on their trades. A trader could also come into the market during volatile or uncertain periods, and wish to catch a dip otherwise not easily determined.

 

View of the BitOrb Exchange: Orchestrator rule creator


They can employ a quick strategy using the BitOrb ORCHESTRATOR by creating a rule that identifies an entry only when market prices have reached a signal point that the trader has set to use. In this case the Relative Strength Index. The RSI has a standard band of 30–70. General use of this band when the RSI is less than 30, the asset is oversold and thus a signal to buy. Conversely, an RSI of over 70, the asset is overbought and thus a signal to sell.

We can use the RSI to create a rule instead of using only price as conditions for executing planned orders. 
View of the BitOrb Exchange: Orchestrator rules, activated and executed


Here we can see that the 2 rules were created to exploit if and when the asset is oversold (RSI<30) and further oversold (RSI<25), the activated rules would be executed. The highlighted rule was executed and can be seen in the ACTIVE ORDER form below at an entry of US$ 9,470 (which is lower than the typically drawn resistance level ~US$ 9,517 at the time).

 

View of the BitOrb Exchange: Orchestrator rules, all executed


Within the same day, prices had dipped further and a market entry was made at an even lower price point at US$ 9,292. Good traders will be able to use the ORCHESTRATOR to potentially capture more profitable trades by planning their entry points well and using the ORCHESTRATOR to execute them automatically for them.

 

Exchange Update: New Testnet rollout incoming

The latest updates of the BitOrb Exchange.

> The schedule for launch is still for end June 2020.

> Application Program Interface or API will be deployed next week.

> New Testnet Rollout imminent.

> Exchange deployment has continued to show stability.

> Performance data review postponed to next week.

#BeSafe #TradeWell

by

Hoong-Teng Lim

22nd May 2020

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