Technical Charting Tools To Use When Trading
Charting tools help you to determine trends for given cryptocurrency or cryptocurrencies and therefore help in the making of decisions when trading cryptocurrencies. They are valuable for both beginners and experienced traders alike and therefore are important to know.
Before using these tools for charting, it is critical to understand that price is a component of different factors. Of most importance is supply and demand, but there are regulation, expectation and even innovations that influence value notions on a cryptocurrency.
Charting relies on the assumption that it is possible to predict much of the market psychology because historical trends tend to get repeated. Again, most traders tend to respond in the same way when there are certain market price stimuli. Most of these charting platforms offer the basics of candlestick vs. bars, indicators, moving averages. But different charting tools to provide a variety of benefits over others and different charting tools have different features, which is why this list might prove helpful.
TradingView is the most popular cryptocurrency charting tool for traders right now although it is used for other assets, bonds, indices, futures as well. Available as a free and pro option, it also integrates with most popular cryptocurrency exchanges. It is not just a charting tool but works like an entire social/trader’s network where anyone can publish a trade idea.
With TradingView, you have around 10 chart types that help you to view markets in different angles (including basic line charts, area charts, and volume-based Renko and Kagi charts).
If you are getting started in crypto trading, a free account is more than enough to learn the basics of technical analysis. Otherwise, a professional account does offer additional features such as access to more than three technical indicators and overlays per chart which is the limit for free users. The Pro option costs $9.95/month but there is also the Pro Plus: which is unlimited and has almost all the features a trader would need, and the Premium which adds in fancy features such as SMS alerts.
You can also test the Pro features of the application for free in 30 days.
In addition to giving traders the ability to sketch anything, you are able to split your screen into many synced up charts. This is helpful if you are a trader who likes to look at multiple time frames before you enter a trade, which can be really painful because you need to click a button and switch back to and forth between the time frames. TradingView allows you to deal with the problem by way of checking multiple frames and you can have your drawings/indicators only appearing on one chart but are all in a single screen.
You can also choose to sync all your drawings on a single chart. You can also lock the timeframes selected so that they remain the same whatever you look at when you look at the different currency pairs from your watch list.
You can also publish your trade ideas and sharing them with other traders or partners in business or even with family. Essentially, these ideas are images of potential trades based on your analysis. Sharing trading ideas can help you improve trading results greatly.
The tool is also accessible on mobile phones. Some of the drawbacks of using TradingView as a charting tool include the fact that free account has limitations: features such as a screen with multiple charts is available in Pro subscription. Although the tool is associated with Oanda and FXCM, you will also require two platforms at all times, namely TradingView for analysis and a platform on which you can place trades. In addition, you might bear with charts not syncing up sometimes.
CoinTracking, which was launched in 2013, is a cryptocurrency portfolio oversight and management platform which lets users create charts and follow trends of crypto prices as well deploy a number of technical indicators that helps them discover trends for all their favorite digital currencies.
First, it allows you to track prices for 5,971 currencies and has more than 300k active users and 9 years of historical data. It will allow you to track information such as key indicators and interactive charts.
The tool will forecast prices based on long term historical trends while analyzing several factors including such as past developments, prices, trading volume, foreign exchange rates, Google Trends, time, day, etc., reads the pattern and calculated from currently 263,224 records a prediction. Although not a neural network, it analyzes actual predictions and is able to learn from mistakes.
The forecast chart or graph consists of several values that you can add or remove in the legend. These values include the price of Bitcoins in Euro, long term forecast (calculated on basis of many factors), range area representing the forecast in a plus/minus zone with the forecast value in the middle, a short term forecast, risk (probability of a price change).
Nevertheless, like any other charting tool, it is an advisory tool used to check trends and examine possibilities and not a tool to tell you what you should do.
With this portfolio tracking tool, the user decides what data will be tracked by which exchange and trades can be entered manually in many different ways, either manually by an import from exchanges or fully automatically via APIs. The tool will provide Bitcoin analysis and detailed evaluations as per development period, EMA analysis, Google Trends, calculated price-change risks and forecasts for the price.
CoinTracking packs in a number of features including automatic generation of tax reports that are automatically reported to the tax man. The returns are done according to the standards of capital gains, FBAR, Form 8949 and the German Income Tax Act.
Coinigy was launched in 2014 and is a platform that provides market data and information to let traders make the most of trading and market activity. With the subscription option, you are able to do analyses, access crypto information, do charting and also trade coins across over 45 exchanges all on a single platform hence saving a lot of time. It is one of the more advanced charting and TA platforms out there.
Users also have real-time API and historical data and can integrate their accounts with third party accounts and platforms such as Google Sheets, CryptoTicker, and SocialScanner. The platform provides access to over 75 technical indicators.
The charts focus on price candles (OHLC) and users can scale the charts using the mouse wheel or two-finger zoom on laptops and look at the desired time-frame for a given coin. The price levels are to the right and the volume bars for the period below, on a default chart.
It also offers over six dozen technical indicators as well as SMS and email price alerts.
The tool features a top bar from where you can change and alter the chart and its properties including the time interval of the candles ranging from 1 minute to 1 month, chart movement forms, chart movement forms with the different chart models Coinigy supports, the chart settings (gear icon that allows setting of chart color and background, scale of the chart, choosing between a log chart, percentage, nominal value, along with other customization features).
Others are technical indicators that provide the knowledge and data needed to perform trades and investments; comparative charts which for instance can help someone to compare all of the different Bitcoin exchanges and look for arbitrage opportunities; on-chart ordering icons and alerts, which basically are icons and alerts that let you execute sell and buy actions.
The tool features trend lines or the simple, straight trend lines to use for finding ceilings, floors, and other moving support levels; Fibonacci and spacing tools that have Fibonacci, Gann, and other percentage based tools; drawing and shapes that allow you to add text and notes to the charts when sharing and explaining what the charts are showing; charting pattern tools such as Head and Shoulders and Elliott patterns; profit/loss projection tools that allow users to see their profits at certain price levels and set projections for both the price and data-based data; and many other tools.
CryptoWat.ch is a comprehensive charting tool owned by Kraken that allows users to gain information such as live streamed price, volume, and order book data from over 800 exchanges.
With it, traders can chart over 150 markets in real-time and trade up to 22 digital assets through a highly user-friendly interface. Its detailed technical analysis indicators and overlays help you to make a better call.
Cryptowatch features standard OHLC candle chart for 1 min, 3 min, 5 min, 15 min, 30 min, 1 hr, 2 hr, 4 hr, 6 hr, 12 hr, 1 day, 3 days, 1 week intervals; RSI and MACD indicators; Keltner Channel, Parabolic SAR, and EMA overlays It also provides overlay of your trades on the price chart. It pulls data from eight exchanges including Bitfinex, Bitstamp, BTC-E, OKCoin, Huobi, and Kraken.
Users can also choose between multiple dark and light background themes and can zoom in and out. Users can also convert all fiat prices into USD, EUR, CNY, or CAD (exchange rates updated hourly from Yahoo! Finance).
ChartIQ charting software is based on an HTML5 Charting Library that provides charting and trading capabilities across different devices including desktop, web, tablet, smartphone. With the libraries that contain 100+ studies, 30+ drawing tools, and many other important features that traders need, you can create custom charts for each cryptocurrency to reflect uniqueness of your currency brand and product. It will provide a modern user interface with a large amount of charting real estate.
The library can be integrated on a platform by developers to allow traders to do analysis and research as well as place trades, all in a single platform thus saving time and reducing possibility for errors. Thus they do not have to leave the platform to access a different one to trade. Staying within the platform saves time, reduces human-error, and keeps traders focused on profits.
Autochartist, a graphical technical analysis service for different assets even in Forex trading, CFD’s, equities and commodities, also provides signals for different crypto assets detected by graphic model and it will also show the most likely direction. Users are also offered a specific goal on the chart that the asset being analyzed could achieve in the near future. Users can also subscribe to the email newsletter and receive information and news about current condition of the cryptocurrency market.
The tool was established in 2004 and its services are supported in over 80 countries around the world. It delivers a 70% accuracy rate of price breakout and over 2,000,000 charts are being viewed per month. It also works on mobile.
Bitcoin Charts will help you track Bitcoin prices in relation to a large number of currencies, including USD, EUR, GBP, JPY and even Ripple. It will help with different chart types and will also show moving averages and technical indicators such as RSI, MACD, accumulation/distribution and rate of change. You can also choose various chart types including candlestick, closing price, median price, OHLC, Typical Price and Weighted Close.
You can also set the time range from as short as 1 day to 8 years and there is an "all data" option.
Medved Trader lets traders do analysis, monitor portfolios in real time, on multiple exchanges at the same time, and research as well as trade. They can also choose from 100+ technical indicators and draw lines, text, pitchforks and other annotations on the charts in addition to placing new orders by clicking the price they want. They can also modify the order by dragging the order capsule to a new price.
It supports different cryptocurrencies.
You can also choose the type of chart desired, the period and frequency.You can also use mouse scroll-wheel zooming and customizable tracing analysis to view multiple depth charts.
It currently supports GDAX, Binance, and Poloniex for market data and trading and Bitfinex for market data only.
BitcoinWisdom is a Bitcoin charting tool that also provides Bitcoin and Litecoin difficulty charts and mining calculators. The tool helps traders track Bitcoin prices on a number of exchanges including Coinbase and BTC-e. It also tracks the price of Bitcoin in relation to other cryptocurrencies on exchanges such as Cryptsy and Bter.
You get various trend lines, moving averages and candlesticks and you can adjust the period or duration from 7 to 30 days.
Users are able to tweak the chart styles and depth ranges and the tracker updates in real time. You are also able to choose the time interval for the main graph from one minute to one week.
It also provides the listed price on an exchange of your choosing as well as the price on other exchanges. You can also find trading volume to the left of those orders.
Bitcoinity is a charting tool that helps people track Bitcoin prices across multiple exchanges and currencies. It also allows the editing or customizing of your experience such as choosing a theme changing precision of the price and whether to show them in BTC or mBTC. You can also choose to hide trades smaller than a certain amount.
You can check graph trends - change graph ranges - in various durations from 1 minute to 1 hour and price chart ranges from 10 minutes up to a historical 2 year view.
Bitcoin Ticker tracks Bitcoin value in real time on six different exchanges including BitStamp, BTCChina, Bitfinex and Kraken.
It also has a new ticker that shows all latest Bitcoin-related news, as well as a real-time readout of buy and sell orders on the respective exchanges.