CryptoPing Review - A New Tool for Traders to Detect Sudden Volume/Price Increases and Set Alerts
Maybe you've seen the article in The Merkle (see links at bottom) maybe you haven't. It's a new tool for identifying sudden increases in buy volume and price on Bittrex and Poloniex built on top of the new $WAVES platform (see links at bottom), the two largest alt coin exchanges in the United States. I started using it a couple days ago. and here's what i've found so far.
First you will need the chat program Telegram and quite frankly if you don't have Telegram already and you trade altcoins, you're crazy. Nearly every coin has a channel on there (Litecoin and Ethereum Classic being two of the most popular) not to mention numerous random groups like "The Coin Farm" and "Whalepool". Word of caution Whalepool gets a little feisty if you try to talk about anything other than Bitcoin in there.
Anyway once you have Telegram installed you can then add the CryptoPing Bot which is pretty much the same as joining a channel except you can post anything.
What you can do is setup your own Alerts for any coin letting you know if it has increased or decreased beyond a threshold of your choosing and that alert will stay in effect till you delete it. For this alone it's rather priceless. Most trading platforms charge for this kind of service. They probably will also eventually but for now it's free.
Now the other thing it does without your involvement is detect major increases in volume and price for all markets on Bittrex and Poloniex. So far it mostly just alerts you after the fact and for anything other than the top 10 coins it's not that useful unless more people start using it and in effect continue any detected price increase. However for the top 10 coins it actually can be quite useful for letting you know when a new uptrend has started.
I'm gonna keep trading with it and i'll be sure to keep you posted on any developments. It's also worth noting that they are launching an ICO soon. They plan to launch additional services through a social trading platform probably something like tradingview and they also plan to make the bot available on Slack another chat program you're crazy not to have if you trade cryptocurrency. Slack is by far the number one choice for all coins to keep in touch with their users even over reddit i would dare say. In most cases you can talk directly with the developers.