All CryptoUpdate users who subscribed on our Telegram channel (CryptoUpdate.io) receive free cryptocurrency trading signals from our platform. Here is an overview of our crypto signals and how traders can benefit from them.
What Are CryptoUpdate Signals?
CryptoUpdate Signals is a crypto trading notification system with buying recommendations. Although it is more suitable for long-term trades (over three weeks), it could also work for short-term trades, depending on the volatility of cryptocurrency markets at the moment of trading.
A signals system can also provide valuable information for cryptocurrency hodlers, since our algorithms calculate the average minimum prices and send automatic notifications to users. As a result, traders can stay up to date with the current cryptocurrency market situation without having to research and monitor information on many trading pairs at once.
At the moment, CryptoUpdate Signals only supports notifications for the trading pairs available on Binance. However, we are planning to integrate with other cryptocurrency exchanges in the future.
How to Read a Signal from CryptoUpdate
Here is an example of a crypto trading signal you might see on CryptoUpdate website:
Explanation of items in the signal:
COIN – trading pair; in the example it is LRC/USDT.
SP1 – Signal price at which the buy order (long position) should be opened. Users receive this signal when the current price of the digital asset is within 10% of Signal Price 1.
SP2 – Calculated by a unique algorithm, this order must be created at the same time as SP1 order.
SP3 – A Safe Signal that protects the trader from rapid negative changes in the cryptocurrency market.
Take Profit – The price at which the digital asset should be sold.
TP1 – Take profit price that should be set for SP1
TP2 – Take profit price that should be set for SP2
TP3 – Take profit price that should be set for SP3
Current Price – The price of the digital asset at the moment of sending the signal. Our system notifies you when the current price of the asset is within 10% of the Signal Price 1, which gives you time to create a pending order. However, if the Current Price is lower than Signal Price 1, which is possible due to volatility of crypto markets, it is best to quickly buy the digital asset at Market Price to lock the best price.
Buy Right Now (indicator) – Shows how close the current price to Signal Price 1 (SP1). When current price lower than SP1, the signal will be marked as HOT.
How to Use CryptoUpdate Signals
Although cryptocurrency signals are just ideas and recommendations, they could help traders better navigate volatile crypto markets and improve their trading strategies to maximize profits. However, there are several important things to remember when trading using CryptoUpdate Signals:
- Signals only work for Spot trading accounts without the use of margin. They will not work for Futures accounts or other types of accounts with the use of margin.
- Signals only work for buy orders (long position).
- When the order has been executed, immediately set the Take Profit price for guaranteed profit.
- Funds should be distributed in three equal parts. For example, if you are trading with $3,000, then allocate $1,000 for each signal.
- Create a pending order for Signal 1 and Signal 2 prices and allocate balance; for instance, you can allocate $1,000 to Signal 1 and $1,000 to Signal 2.
- Signal 3 is a Safe Signal, so it is not necessary to create a pending order for the Signal 3 price unless the market shows high volatility. If crypto markets suddenly turn negative, then Signal 3 should activate for the same buy amount as Signal Price 1, which in the previous example was $1,000.
- Do not sell the digital asset at the price lower than the buy price. In case you need to close the order quickly, it is better to close it at the same price as the buy price.
- The price of the asset most often reaches the Take Profit price sometime between two weeks and one month. However, it could also take a few days or several months for the order to close profitably, depending on market fluctuations.