Since time immemorial, people have tried to predict the future in order to better their lives. In antiquity, precognition was thought to be a divine ability given by the gods, and it often came in the form of prophecies and fortune-telling.

The position of an oracle, a person who provided predictions and insightful counsel on events in the future, was highly respected in Greek society. There is even the famous case of Pythia (the oracle of Delphi) who revealed the future while supposedly being under the possession of Apollo.

The mystic Oracle of Delphi was the most powerful woman in Ancient Greece.

Predictions are widely used in the 21st century but compared to our predecessors, the act of prophesying is numerous times more advanced. We tell the future with the help of the past all while using algorithms, data sets, recurring patterns, and external events. With a new wave of improvements in the fields of AI technology and neural networks, the world is one step closer to perfecting the skills once boasted by oracles.

The cryptocurrency market is a highly speculative and volatile environment in which digital assets move swiftly and without any notice. Here, more than in any other market, retail investors are interested in finding out which direction an asset like Bitcoin might take.

Tools like technical analysis-based indicators, social engagement-based indicators, and other examples help us gain a firmer grasp on the market’s potential position in the future. Naturally, the community is inclined to try anything that can potentially provide them an edge in the market.

Price predictions at Shrimpy Developers

The Shrimpy team shares a deep love for innovation, which is why we have decided to create a prediction model of our own.

With the Shrimpy Developers API, users can now retrieve price predictions covering the next 7 days for all trading pairs on all of our supported exchanges, which include:

Bibox, Binance/US, Bitfinex, Bitmart, Bitstamp, Bittrex, Coinbase Pro, Gemini, HitBTC, Huobi Global, Kraken, Kucoin, OKEx, and Poloniex.

New predictions are generated on a daily basis for each trading pair on each exchange by utilizing historical price data based on price action from the past 30 days. All trading pairs use historical price data that occurred on their native exchange, which means that the same crypto pair may have different forecasts depending on the chosen trading platform. We train each trading pair separately and as a result, we have ~6,000 individual models in total.

All models are trained daily (midnight UTC). They use price data from the last 30 days in 1-day intervals provided by Shrimpy’s historical candle API. After each day, our models are ‘retrained’ and the predictions are updated after incorporating new market data.

Shrimpy currently offers:

Price predictions
Trend predictions

Price predictions

To request a price prediction, users must provide three main parameters using our API:

Exchange (the crypto exchange you want to derive the price data from)
Base trading symbol (base ticker of a crypto trading pair. (e.g. BTC/USDT))
Quote trading symbol (quote ticker of a crypto trading pair. e.g. BTC/USDT))

Code example:

const predictions = await client.getPredictions(
    'coinbasepro',
    'BTC',
    'USD'
);

Request:

GET https://dev-api.shrimpy.io/v1/analytics/predict?exchange=coinbasepro&baseTradingSymbol=BTC&quoteTradingSymbol=USD

Output:

{
    "baseTradingSymbol": "BTC",
    "quoteTradingSymbol": "USD",
    "predictions": [
        {
            "date": "2021-03-23T00:00:00.000Z",
            "prediction": 56095.5,
            "updatedAt": "2021-03-22T01:59:53.000Z"
        },
        {
            "date": "2021-03-24T00:00:00.000Z",
            "prediction": 55765.8,
            "updatedAt": "2021-03-22T01:59:53.000Z"
        },
        {
            "date": "2021-03-25T00:00:00.000Z",
            "prediction": 55475.8,
            "updatedAt": "2021-03-22T01:59:53.000Z"
        },
        {
            "date": "2021-03-26T00:00:00.000Z",
            "prediction": 55220.7,
            "updatedAt": "2021-03-22T01:59:53.000Z"
        },
        {
            "date": "2021-03-27T00:00:00.000Z",
            "prediction": 54996.3,
            "updatedAt": "2021-03-22T01:59:53.000Z"
        },
        {
            "date": "2021-03-28T00:00:00.000Z",
            "prediction": 54798.9,
            "updatedAt": "2021-03-22T01:59:53.000Z"
        },
        {
            "date": "2021-03-29T00:00:00.000Z",
            "prediction": 54625.3,
            "updatedAt": "2021-03-22T01:59:53.000Z"
        }
    ]
}

Where:

Date - The date for which the quote trading symbol’s price is predicted for
Prediction - The predicted price for the given trading pair on the given date
updatedAt - The date and time in which the prediction was generated at

Trend Predictions

Directional investors also have the opportunity to benefit from our price prediction model by using Shrimpy’s trend analysis endpoint to determine whether a cryptocurrency is currently bullish or bearish.

If bullish, our model determines that the asset might rise in value in the near term.

If bearish, the asset might fall in value in the near term.

The model provides three possible values for predictions: bull, bear, and neutral.

If an asset is neutral, the forecasted price is equal to the current price.

Like in the previous example, the following parameters exist: exchange, base asset, and quote asset.

Code example:

const trend = await client.getTrend(
    'binance',
    'BTC',
    'BIDR'
);

Request:

GET https://dev-api.shrimpy.io/v1/analytics/trend

Output:

{
    "exchange": "binance",
    "baseTradingSymbol": "BTC",
    "quoteTradingSymbol": "BIDR",
    "trend": "neutral",
    "date": "2021-04-15T00:00:00.000Z"
}

Where:

Exchange - Name of exchange
baseTradingSymbol - Base symbol of trading pair
quoteTradingSymbol - Quote symbol of trading pair
Trend - Trend value for the given date (bull/bear/neutral)
Date - Date and time in which the value was generated

Shrimpy is an account aggregating platform for cryptocurrency. It is designed for both professional and novice traders to come and learn about the growing crypto industry. Trade with ease, track your performance, and analyze the market. Shrimpy is the trusted platform for trading over $13B in digital assets.

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