In the past few weeks, we have discussed cryptocurrency trading using technical analysis indicators such as Ichimoku cloud, Renko charts, Bollinger bands, etc. The gist of the articles is to give the cryptocurrency investor a clear method to trade and make profits on exchanging crypto assets. This article highlights the various cryptocurrency technical analysis software available in the market in 2019.
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What to look out for before using technical analysis software
There are a couple of technical analysis software available in the market today including the charting software and algorithm-based technical analysis software. In this article, we focus on the former (Charting tools) available in the market and these are some of the things to look out for before selecting a charting software to carry out cryptocurrency technical analysis.
- Wide range of cryptocurrency: Most of the charting tools today do not offer a variety of pairs to make analysis on. Check that the software offers options beyond the top digital assets, Bitcoin and Ethereum.
- Exchange connected: Charting technical analysis on some software allows you to directly connect to a cryptocurrency exchange and make an order while others are strictly designed for charting.
- Premium accounts: Most cryptocurrency technical analysis trading software has a free version with limited resources while the premium paid version allows access to all features.
- Ease of use and cleanliness of the charts: Some platforms are created for experts while others fit beginners perfectly. However, dealing with messy charts is an exasperating experience and may lead to wrong predictions hence the need to choose a clean user interface.
The top cryptocurrency technical analysis trading software in 2019
1. Trading View
Trading View charting software ranks as the most common software used in the cryptocurrency industry today. The chart offers an array of technical indicators for the users, news on the cryptocurrency pair and other tools to make the technical trading experience easier. The user experience is superb which has made the newbies in technical trading to choose the software.
The unique thing about Trading View is the “Publish” feature that allows the technical analysts to post and publish their ideas on an advanced UI system. The platform has grown in stature where novices get praise and criticism from the community. Furthermore, the charting platform offers these novices a platform to learn from more experienced traders in the field too. Additionally, there are plenty of experienced investors who regularly publish their ideas on the platform, mostly looking to educate/start a conversation/recruit people for their paid groups.
The platform, however, is one of the few software without a direct order book to an exchange which is a massive miss to some investors. There is a free version of Trading View with an array of features but an even richer featured account can be purchased as a premium user.
- Does not offer an extensive number of cryptocurrency assets for its users.
- Can’t place orders directly on the platform from different exchanges.
2. Yahoo Finance
Yahoo Finance, is a well-known financial website that allows users to carry out technical analysis on various assets including stocks, commodities, derivatives, and cryptocurrencies. The platform offers a wide range of technical indicators, facts, and figures on the asset and current news of the asset to keep you always informed. However, Yahoo Finance lacks a wide range of cryptocurrencies with only the top cryptocurrencies in market capitalization are available including Bitcoin, Ethereum, Ripple, IOTA, Cardano, and Tezos.
Yahoo Finance is more detailed on an asset than Trading View as the platform offers more than just the chart patterns. Technical analysts on the platform have a summary page of the cryptocurrency details, chat page, profile page offering a clear view of the company and downloads of the historical data. The website draws its data from CryptoCompare, one of the top companies in collecting crypto statistics.
- The platform has a limited number of cryptocurrency assets to carry out technical analysis.
- Relies on Cryptocompare.com as an oracle for its cryptocurrency price data.
Coinigy is one of the popular charting systems in the world of cryptocurrencies. The platform allows users to carry out technical analysis on a multitude of cryptocurrency pairs while drawing the price data from a number of exchanges. Unlike Trading View and Yahoo Finance, Coinigy is an exclusive digital charting platform.
The platform is further connected to a number of exchanges including Binance, Bitfinex, OKEx exchange, and Coinbase Pro. The platform further offers three main functionalities for exchanges namely; charting using technical analysis indicators, showing balances and trading services. The latter two are available only to a select exchanges.
- The platform is a bit more complex to use as compared to other cryptocurrency technical analysis tools and software.
Before you begin your journey in using technical analysis indicators to make cryptocurrency price predictions, you need to be familiar with what technical analysis in crypto entails. Select a cryptocurrency technical analysis software suitable to your needs and follow ICODOG’s trading strategies for more tips and information on how to make successful trades in the cryptocurrency market.