Charting represents an extremely important set of tools when working with financial markets that are nothing if not erratic. The constant ups and downs of the overall system result in the market garnering a reputation of being largely unpredictable. Any trader – whether they be a novice or an expert – will tell you this. The cryptocurrency market is no different in that regard. It is next to impossible to go a day without hearing about a certain currency changing; for better or worse.
For that reason, if you have any crypto-asset investments, monitoring them is very important. When playing the role of a cryptocurrency day-trader, being up-to-date on market movements allows you to make a split-second decision. This quick decision has the potential of making a trading day either profitable or unprofitable.
In order to indulge these needs, there is a variety of applications you can use. These instruments can assist in simple cryptocurrency market tracking and market-moving information. Moreover, it aids with productive order execution.
Are you someone who wishes to be more hands-on with your bitcoin investment? What’s more, do you want to trade in and out of the digital currency so you can create a profit? If so, then you are going to need some of the best charting tools.
Whether you are new to trading or you have the experience, charting tools are greatly beneficial when it comes to technical trading strategy development. There are an array of diverse charting solutions that exist on the market, however, the ones below are among the best.
Best Tools for Crypto Market Charting
TradingView is the most popular tool for charting and technical analysis bar none. It is prevalent and a favorite with traders of all markets. Recently, they started to push for the integration of their toolset with the most popular cryptocurrency exchanges. The subsequent results from this integration are proving to be very impressive. Their online charting tools are open to both free users and professional users.
Its launch was back in 2011, presenting itself as a community platform. On this platform, traders are able to share their analysis and trading signals with one another. In the beginning, the platform’s focal point was primarily established financial securities and commodities. However, TradingView is branching out and adding Bitcoin and a variety of other digital currencies. Doing this helps to accommodate the increasing demand for this new asset class.
TradingView gives users the ability to leverage numerous technical analysis tools. By using these tools, they can analyze the movements in the price of Bitcoin and various other assets. Technical indicators that can help develop technical analysis-based trading strategies are Bollinger Bands, MACD, and the Relative Strength Index. Moreover, TradingView allows users to share trade ideas with other users. They can talk about them extensively within the social network of the platform.
A free account should be enough to give traders a start in learning the basics of technical analysis. Free accounts grant users access to the same professional tools that professional users use. However, they have a restriction of only three technical indicators and overlays per chart.
Listing all of TradingView’s features would take too long. It is for the best that you take a look at them yourself on their website.
Coinigy is another technical analysis tool that is extremely popular in the world of crypto. Many consider this to be a charting tool, but it consists of many other features. These plentiful features assist traders in the development and eventual execution of their strategies.
Since its 2014 launch, it has been providing professional digital currency traders with tools and market data. By using them, the traders are able to make comparatively better investment decisions. Coinigy supplies its users with historical and real-time price data on an abundance of digital assets. Moreover, it also provides them with exceptional charting tools and it links in with multiple different exchanges.
Coinigy’s charting service draws its structure from the TradingView platform. Be that as it may, it utilizes custom data feeds in order to meticulously integrate with over 45 cryptocurrency exchanges. On top of using the same TradingView indicators, users can establish SMS text alerts on custom events. Furthermore, they can conduct trade orders across their exchanges.
Coinigy permits both financial institutions and individual traders to do many things. Fund deposits, portfolio monitoring, market trend analysis, trade execution, all of this can be done in a single location.
Do you want to actively maintain an expansive portfolio of digital assets? And do you wish to do so using only one platform? If so, then Coinigy may be your best option. Coinigy goes above and beyond being merely a charting tool; it functions as a one-stop-shop for digital currency investors.
The downside is that Coingy does not offer a free plan. Still, their feature set is worth it if you are trading across an array of exchanges.
CryptoWatch is a comprehensive charting tool under the ownership of Kraken. It allows traders to gain access to live-streamed price and volume. Additionally, they are able to see order book data from up to 800 exchanges and even more than that.
Upon arriving at the site, you may find that the dashboard is remarkably intimidating. However, you need not worry. CryptoWatch is actually a simple tool that creates a stellar addition to your kit full of trading tools.
According to the Kraken website, there are many benefits to using CryptoWatch:
- The ability to visualize price movement, market trends, your trades and orders in real-time
- The option to make use of popular charting tools and indicators such as; Moving Averages, MACD, RSI, Bollinger Bands amongst others.
- By directly linking to your exchange(s) of choice, Cryptowatch allows you to open new orders quickly and intuitively.
- The ability to view your portfolio performance across multiple accounts in real-time.
- You can receive price & volume alerts as text messages sent to your mobile phone, 24/7.
Since its 2014 launch, the platform has managed to evolve. After all of this development, it has gone on to become a prominent charting platform for users of digital assets. Kraken would go on to purchase the company in 2017. This would supply more resources towards the improvement of the platform as it is now part of Kraken’s exchange’s product offerings.
Not only does it display live exchange data, but CryptoWatch also includes a variety of technical analysis indicators. Moreover, it supplies overlays that will help you make calls. This charting tool does not include the same amount of indicators and drawing tools. However, it is important to note that Kraken is frequently updating the site to adapt and include more.
TabTrader is a particular favorite in the community of cryptocurrency traders. It is a mobile trading platform that has the bonus of being completely free. It is accessible for both Android and iOS. By using fully encrypted API (Application Programming Interface) keys, it’s possible to link accounts on exchanges to the TabTrader app. This way, you are able to trade while on-the-go.
On this app, you have the ability to buy and sell cryptocurrencies and analyze charts. Moreover, you can view the overall balance of your portfolio. That being said, the platform does not technically have the official permission to withdraw any funds. This effectively adds another layer of security, which further protects your funds.
To make the best use of the app, it would be smart to have knowledge of both trading and the cryptocurrency market. Notwithstanding, it is quite easy to learn how to use the app. This is because it possesses an interface that is very simple and easy-to-use.
TabTrader provides its users with access to over 20 exchanges. In addition, it offers indicators like Bollinger bands, Moving Averages, MACD, and RSI, among several others. It provides a charting tool that allows users to closely examine price movements. You are able to either trade directly from the charts or input the trade orders manually. What’s more, the application has no advertisements. This permits trading without any needless interruptions.
To embellish your security, you can set it up so that it requires a pin for access. TabTrader does not take up a lot of space on your phone and it alerts you of market movements via push notifications.
TradeBlock is a platform that is based out of New York. It refers to itself as “the world’s leading provider of institutional trading tools and research for digital currencies.” This web platform offers an extensive amount of tools for digital asset portfolio management.
The demographic they primarily target are investors that are both professional and institutional. For the more serious investors who take an active approach to portfolio management, TradeBlock provides an excellent series of trading tools. These include charts, order management, blockchain analysis, mining data, and much more.
According to its website, the platform’s features include:
- The world’s leading toolset for institutional bitcoin traders, featuring market analytics, blockchain insights, order management, trade execution, team communication, and compliance automation.
- A robust bitcoin index, uniquely designed to prevent manipulation, serving as the reference rate for tens of millions of dollars of registered derivative products.
- Consolidated API’s, historical trade and order book data, advanced indexes, and customizable algorithms.
- The combination of world-class data tools and leading analysts, offering insight on trading markets as well as blockchain networks, available as reports or custom products.
CoinStats is a simple crypto portfolio tracker that is actually incredibly useful. Both Android and iOS devices are able to access to this mobile app. It provides traders with an easy-to-use interface and a visually appealing design. CoinStats helps you keep track of your portfolio as you are able to view the amounts you are holding in each currency. On top of that, you can view how much your crypto portfolio is worth in accordance with movements in the market.
Furthermore, you can set an alarm that will inform you of when the price goes higher or lower than what you desire. CoinStats features a converter that calculates what an amount in a certain currency is in other digital currencies.
Is your portfolio less than USD 5,000? If so, then the application is free. However, as soon as you exceed this amount, there is a $5 per month subscription fee.
CoinTracking is a significant application to have in your possession. This is especially true if you are someone who is looking to monitor your cryptocurrency portfolio for taxation purposes. Since its 2013 launch, it has functioned as a digital currency investment portfolio supervision system and also as a management platform.
In order to utilize the platform, you have to link your exchange account to your CoinTracking account. Upon connecting, the platform permits you to employ its features as a way to view the number of trades you conduct. Moreover, the various different coins you are trading in. The platform is able to construct profit and loss tables for the duration of your trading timeline. CoinTracking presents you with where you acquired profits, as well as alerting you of any overlooked profits.
One of CoinTracking’s most prominent features its automated tax report generation. This is fast-becoming an outstanding issue for bitcoin traders. This is due to tax authorities and financial regulators beginning to keep a watchful eye on digital currency trading. The platform’s feature on tax reporting is ideal for busy traders. Specifically, for those who want all of their digital currency trading activities to be reported correctly.
While not technically a tool, at least not in the same vein as those previous listed, this is still something that companies frequently use. Year-Over-Year (YOY) is a popular financial comparison for comparing two or more measurable events. Specifically, on an annualized basis. By looking at YOY performances, it gives material for calculating a company’s financial performance. It helps with determining if it is improving, worsening, or is simply static. For instance, in financial reports, sometimes you will read that a particular business reports an increase in its revenues for the third quarter, on a YOY basis, for the previous three years.
Ultimately, the decision of which tool you use is up to you. With the proper research and taking your preferences into consideration, your options are tremendous.