ChatGPT: The AI Chatbot That Can Help With Technical Analysis But Not Price Predictions
• ChatGPT is a chatbot that can be used to write poems, make jokes, and write cover letters.
• The technology is relatively new and available to the general public and can also be used to provide snippets of code for technical analysis on TradingView.
• Unfortunately, ChatGPT cannot predict the price of any crypto asset, but it can remind the user to do their own research before investing and to manage the risks taken.
The internet was taken by storm by the chatbot ChatGPT in December 2022. This technology is relatively new and available to the general public for various uses. One of these uses is to write poems, make jokes, and write cover letters. It has even been prevalently used in academia, so much so that ChatGPT got banned from New York City’s public school devices as it could inspire cheating.
However, one of the primary questions asked is whether ChatGPT can be used to analyze price movements in the crypto market. Unfortunately, the answer is no, as the bot cannot access live data nor can it perform web searches. It adamantly refuses to even take a stab at predicting what the price of any crypto asset could be in the future and instead reminds the user to do their own research before investing and to carefully manage the risks taken.
Despite not being able to predict prices, ChatGPT can still prove useful. It is capable of providing snippets of code for technical analysis on TradingView using the Pine Script language. This code can provide traders with easy and quick trading strategies for various timeframes.
Overall, while ChatGPT cannot predict prices, it can still provide users with snippets of code to assist in the analysis of price movements. However, it is important to remember that it is not a finance expert nor a trading guru and should not be used as a substitute for doing one’s own research.