MyCryptoParadise is one of the leading crypto signal providers in the market today. Even though it is a new player in the market, it has provided consistently profitable signals to its members since the start. Credit goes to the collective 20 years plus experience its 4-member team has in the field of crypto trading. MyCryptoParadise has also created a vibrant community for the trading enthusiasts providing a place for the like-minded folks. It has made it possible even for beginners to earn profits through crypto trading. But how has it been able to do so? How are they so accurate with their trading signals? Let’s start with the basics first.
What are Crypto signals?
Crypto signals are expert suggestions given by crypto veterans to crypto newbies to help them make better trading decisions. It aids the newcomers to make profitable trades even without understanding much about the know-hows of crypto trading.
These trading signals contain the following information-
- Cryptocurrency: Every trading signal is for some specific cryptocurrency like Bitcoin, Ethereum, Dogecoin, Litecoin, etc.
- Crypto exchange: Crypto signals are always exchange-specific. Thus, the right thing to do is to use trading signals meant for the crypto exchange you use.
- Buy-in Price: Crypto signals tell the subscribers the price at which they should buy a cryptocurrency.
- Sell-Targets: It tells them the price on selling at which the crypto signal provider can guarantee the desired return.
- Stop-loss: Crypto signals also contain the stop-loss limit. It is the price at which one should sell a crypto asset to avoid/minimize losses.
- Percent of the Portfolio: The signal contains information regarding how much percent of the cryptocurrency portfolio one should sell.
How MyCryptoParadise manages to give so many profitable signals?
The accuracy of MCP crypto signals is nothing short of a miracle for a newcomer. But numerous things are going on behind the scenes than what a layman knows or understands. The Paradise Team has created its own set of hybrid indicators to reflect the market dynamics. Such a specialized approach to trading becomes possible after years of experience and expertise. Even so, the experts at MCP never lay back and are constantly juggling numbers, doing market research, conducting fundamental, technical ad sentimental analysis. It is this hard work of theirs that proudly reflects in their results.
What is Fundamental Analysis?
In Fundamental Analysis, the experts try to analyze the intrinsic value of a stock. They do so by analyzing the economic indicators that reflect the market conditions. They keep a watch on many things like the overall economy, supply mechanisms, resources, and liabilities of the parent company.
Though, doing a traditional fundamental analysis on cryptocurrencies becomes somewhat daunting. It is so because of the difficulty to accurately put value to a crypto asset or its controlling company (if there is one). Instead, the experts try to run through on-chain metrics to arrive at a value of a cryptocurrency. They use several blockchain-specific metrics to do so. These metrics include hash rate, supply volume, supply mechanisms, top holders, security features, transactions, etc. Using such data, experts make their hybrid indicators to evaluate the particular blockchain network and determine its value.
What is Technical Analysis?
In technical analysis, instead of going much into the business details of an asset, expert analysts try to analyze the historical market trends. They run statistical analyses on that to arrive at a trading decision. Even though they take the price of an asset into account, they are more concerned with price movements and patterns.
Technical Analysis often involves reading charts to understand price movements. Candlestick charts are popular in technical analysis as they are suitable to represent the price information of a stock/cryptocurrency.
The top line represents the highest price reached during a trading session. The bottom line represents the lowest price during the trading session. The green color of the candlestick symbolizes that the closing price is higher than the opening price. The top of the rectangle shows the closing price for the trading session while the bottom side of the rectangle denotes the opening price of the coin for the trading session.
If the closing price for a trading session is less than the opening price for that session, it means the session resulted in a drop in the price of the cryptocurrency. Such a loss-making session is represented in red color instead of green. The closing price and the opening price are reversed now as compared to the profitable session.
Some of the well-known technical analysis techniques include Trend lines, Simple Moving Averages, and Support and Resistance levels.
Trend lines are calculated projections that aim to provide a defined entry and exit point to the traders. They use both historical data and data from the recent past to predict if a trend is going to continue to stop. Trend lines are often useful when the price is moving in a direction with no historical precedent.
Simple Moving Averages or SMA is also a simple strategy where short and long-term averages of daily prices are calculated and used to make buying or selling decisions. When the shorter duration average crosses the longer duration one, it means the past trend is shifting and it is time to take an action. Buying and selling depend on whether the shorter duration average is now going above or below the longer duration average.
Support and Resistance levels is a technique that also gives defined entry and exit points to a trader. Using the past price data, it tries to find the price point below which the price is unlikely to fall because the buyers had stopped price falling below that in the past. It is called the support level. Similarly, it calculates the highest price level that can be reached due to the resistance shown by the sellers. Traders prefer to buy as near as possible to the support level and sell as near as they can to the resistance levels.
What is Sentiment Analysis?
Sentiment Analysis is more about understanding the mood of the stakeholders towards the crypto market than the crypto market itself. To analyze the sentiments, the expert tries to take note of how countries, journalists, marketers, business owners, crypto traders are feeling towards cryptocurrency. It involves keeping an eye on world events and developments that can create a frenzy in the market and inspire a purchasing spree or panic selling. At the end of the day, the crypto market is driven by people’s perception of its usefulness. Its demand depends a lot on whether people go against their conventional understanding of having a physical asset when they invest in something. Thus, sentimental analysis becomes an essential part of predicting a crypto asset’s value.
Which one is better – Fundamental, Technical, or Sentimental Analysis?
If we try to compare these three, it would be like comparing apples with oranges. Each one of them has its importance and a good crypto signal provider would always use all three methods before arriving at a prediction. It is so because all three drive cryptocurrency prices in their way. Not taking one into account would be to deliberately miss out on important information that is available in the public domain for everyone to use. The traditional understanding of fundamental analysis applied in the stocks market is not directly applicable in the crypto trading world due to completely different fundamentals of the crypto market.
MCP uses all three to arrive at its crypto signals providing the most profitable crypto signals with great consistency.
Why MyCryptoParadise has grown so much in a short time?
In addition to going through all the hardships to bring its users profit, MCP provides a lot of amazing features as a part of its ParadiseFamilyVIP program that has helped it become a popular choice among crypto traders. Some of the features that make MyCryptoParadise an ideal choice for crypto enthusiasts are listed below:
- Regularity: MCP is one of the most regular Crypto signals providers. Its highest peak can go as up as 9 signals per day which are quite awesome and reflect the team’s dedication.
- Personal Coaching: Personal coaching for every VIP member is one of the key features offered by MCP. It helps solve doubts and handholding a novice into becoming a more mature decision-maker.
- Educational Content: MyCryptoParadise provides educational content through its telegram channels, its blog, and the news section. This helps members understand the market trend in a better way while keeping tabs on the daily events.
- Supports Auto-trading: Not everyone can regularly monitor their crypto signals and trade. For such people, it provides an option to go for auto-trading where the bot trades for you using a pre-determined strategy.
- Copy Trading: Copy trading allows the VIP members to copy the trades of the expert traders from MCP directly. If you are not an expert yourself, this is the best choice you get while trading crypto.
- Affordable: MCP provides reasonable pricing plans for its members. The returns it offers can cover the initial fee investment of members quite easily.
- No dump investments: MCP takes care of the money of its members like its own. They do not suggest get rich quickly investments to their members as the risk is just too high. Instead, they try building a moderate risk portfolio for them so that the members benefit as much as possible.
- Friendly support: MCP has a very friendly 24/7 support service that is always ready to help. It makes them approachable imparting a feeling of trust and loyalty among its user base.
- VIP chatrooms: MCP has a VIP chatroom feature where everyone having a VIP plan can chat with each other, help each other out and simply, socialize. It’s great to be a part of such an active and vibrant community.
Best Crypto signals help mitigate risks to some degree providing a strategy for users to make profits through crypto trading. MyCryptoParadise is a legit signals provider generating profitable signals and covering all the major crypto exchanges like Binance, Bimex, and ByBit. If you are looking to trade cryptocurrencies with no background in trading, subscribing to a crypto signals provider would be the right thing to do.