In cryptocurrency, “crypto charts” are similar to maps showing how digital money moves. Think of them as essential tools for people trading cryptocurrencies. Among these tools, “candlestick charts” are like specialized maps that quickly show when prices go up or down. Learning to read these charts is significant for making smart decisions in the crypto market.
In this blog, we’ll break down why crypto charts matter, especially candlestick charts, and check out the best crypto charts in 2024 to help beginners understand and navigate the world of crypto trading.
Why Crypto Charts Matter?
Understanding crypto charts is crucial for anyone in the crypto trading game and here’s why they matter:
1. Guiding Decisions
Crypto charts are like maps for crypto trading. They show past price movements and trends, helping traders, whether new or experienced, make smarter decisions by understanding what’s happening in the market.
2. Predictive Insights
By looking at historical data on crypto charts, traders can spot patterns that might happen again. This helps predict possible price changes, giving traders the knowledge to make strategic moves.
3. Empowering Traders
Crypto charts give traders a wealth of information – from market sentiment to price action. Armed with this data, traders can create effective strategies, set goals, and manage risks, becoming more powerful in their trading.
4. Direction in Volatility
Cryptocurrency markets can be wild, but crypto charts act as a guide. They visually show where the market is heading, helping traders navigate through ups and downs and make sensible decisions.
5. Increased Confidence
Confidence is key in trading. Crypto charts build confidence by showing how assets have performed in the past. When traders understand market factors, they make decisions with more certainty.
6. Essential for Success
In crypto trading, staying ahead is crucial. Crypto charts aren’t just helpful; they’re necessary for success. Traders who pay attention to these charts are better equipped to understand market trends and make timely decisions.
Best Crypto Charts of 2024
Coinigy is the best tool for managing your Bitcoin and crypto portfolio. It is also one of the best crypto charts and real-time data, making it better than other crypto apps. Plus, it automatically keeps an eye on your crypto portfolio.
Coinigy’s pricing model caters to various users, offering both a free trial and subscription options.
- Free Trial: Users can take advantage of a 7-day trial period to explore Coinigy’s features without cost.
- $18.66 per Month: This basic subscription plan provides ongoing access to Coinigy’s tools and features at a reasonable monthly cost.
- $99.99 per Month: For users seeking more advanced features and capabilities, the premium subscription plan offers a comprehensive set of tools for a slightly higher monthly fee.
Coinigy’s user-friendly mobile app allows traders to stay connected and make informed decisions on the go. Access to real-time charts, market information, and portfolio tracking is available at your fingertips, ensuring flexibility and convenience in the dynamic cryptocurrency market.
Coinigy’s strength lies in its compatibility with a wide range of cryptocurrency exchanges. Whether you prefer Binance, Coinbase, or others, Coinigy’s integration provides a unified interface, streamlining market data and trading functionality. This comprehensive exchange coverage ensures users can trade on their preferred platforms without any hassle.
Security Measures for User Assets
Coinigy prioritizes your security with easy-to-use features like two-factor authentication (2FA), ensuring only you can access your account. Your information and transactions are kept safe through strong data encryption. To protect your funds, Coinigy uses cold storage, keeping the majority of your assets offline and away from online threats. This commitment to security aims to give you peace of mind as you navigate the world of cryptocurrency investments.
GoCharting is a smart platform for charts, trading, and analytics that you can use on the web and on your phone. It works with different types of assets and exchanges, including NSE and MCX. Plus, it’s the first web-based platform that lets you do Orderflow Charting online.
GoCharting offers a simple and free option with essential features like EOD charting, custom time intervals, and more. For added perks, there’s an Equity/ETF Premium plan at just $17 (currently 16% off). This plan enhances your charting experience with advanced tools for a more in-depth analysis.
GoCharting understands the need for flexibility, providing an easy-to-use mobile app. Access real-time charts and indicators on the go, ensuring you stay connected and make informed decisions from your mobile device.
GoCharting isn’t just for crypto—it covers stocks and commodities too. Whether you’re into cryptocurrencies, stocks, or commodities, GoCharting is a one-stop platform for analyzing and trading across various financial instruments.
GoCharting goes beyond charts, offering tutorials, guides, and webinars to help you understand market trends better. Their commitment to education supports you in expanding your skills and knowledge.
For those interested in options, GoCharting has you covered with a dedicated options desk. This feature lets you analyze and execute options trades seamlessly within the platform, catering to traders with diverse interests.
CryptoView offers one of the best live crypto charts for trading. It also allows you to manage portfolios on different exchanges. CryptoView has useful tools such as cryptocurrency trading tools, portfolio analytics, a news aggregator, and a customizable multi-charting interface. Whether you’re a trader, crypto fan, or fund manager, CryptoView has everything in one place.
CryptoView offers a range of plans to accommodate various trading needs, ensuring accessibility for users of all levels.
- Free Plan: Explore the platform’s features at no cost with the free plan.
- Starter ($9.99 per month): Ideal for smart investing, the Starter plan provides essential features at an affordable monthly rate.
- Pro ($15.99 per month): For traders seeking expertise, the Pro plan unlocks advanced tools and capabilities for a comprehensive trading experience.
- Premium ($19.99 per month): Unlocking full potential, the Premium plan offers an extensive set of features to elevate trading strategies.
Understanding the importance of connectivity, CryptoView offers a user-friendly mobile app. This app mirrors the web interface, enabling traders to access real-time charts, market data, and portfolio tracking on the go, ensuring flexibility and informed decision-making.
CryptoView stands out with its extensive exchange coverage, integrating with major cryptocurrency exchanges. This consolidation of market data into a unified interface ensures compatibility and convenience for users trading on various exchanges.
CryptoView prioritizes security by requiring API key permissions for access to personal data and transaction history. This additional layer enhances the overall security of the platform. The venue places great emphasis on security, employing SSL-encrypted connections, API key encryption, two-factor authentication, and denial of service (DoS) protection. These measures collectively create a secure trading environment, instilling confidence in users regarding the safety of their data and assets.
Integration with TradingView
CryptoView enhances the trading experience by seamlessly integrating with TradingView, a reputable charting platform. This integration allows users to leverage advanced charting tools and technical analysis capabilities directly within the CryptoView platform, empowering them with a robust toolkit for making well-formed decisions.
4. Insilico Terminal
Insilico Terminal, new to charting tools, is now popular among crypto traders. Started in 2021, it offers top-notch free and best charts for crypto, aiming to give regular traders advanced features usually for pros. Recognized globally, it stands out for pro-grade tools in an easy-to-use interface.
1. Free Crypto Charts: Insilico Terminal distinguishes itself by offering 100% free crypto charts, providing essential charting tools without any cost to users.
2. Fast Order Execution Speeds: Traders benefit from the platform’s fast order execution speeds, enabling quick and efficient trading in the dynamic cryptocurrency market.
3. Professional-Grade Orders and Indicators: Insilico Terminal provides users with access to professional-grade orders and indicators, empowering them with advanced tools for strategic decision-making.
1. Limited Integration with Crypto Platforms: While robust in features, the platform’s integration with certain crypto platforms may be limited, requiring users to assess compatibility with their preferred exchanges.
2. Read and Write API Access Required: Users should note that the platform requires read and write API access, a factor that may raise security considerations and necessitate careful evaluation.
- Unified Account Interface: Manage all your accounts through a single interface, streamlining the trading process and providing a comprehensive overview.
- Sophisticated Order Types: Gain access to sophisticated order types typically reserved for institutions and proprietary traders, giving you a significant edge in the market.
- Low Latency Exchange Code: Experience blistering low-latency exchange code that ensures your orders are executed on time, putting you ahead of the competition.
- MultiTasking Engine: Execute complex strategies seamlessly with the multitasking engine, allowing simultaneous execution of different strategies in multiple markets.
- Customizable User Interface: Enjoy an intuitive and customizable user interface, that allows you to tailor your setup to match your preferences and trading style.
- Command Line Interface: Utilize a powerful command line interface with programmable shortcut keys to express your trading style and develop new techniques with ease.
- Security Conscious: Insilico Terminal prioritizes security by not logging or storing any of your data, ensuring a secure trading environment.
- Robust Infrastructure: With over $7 billion in traded volume, the platform’s robust infrastructure is battlehardened to handle extreme loads and provide a reliable trading experience.
- Active Trader Community: Join a community of thousands of active traders, fostering collaboration and knowledge-sharing within the platform.
5. MetaTrader 4
MetaTrader 4 (MT4) has been loved by both pros and regular traders since 2005. It’s one of the best live crypto charts because it offers a flexible trading terminal making a big impact on financial markets. While it might seem basic to new crypto traders, MT4 holds lots of potential, especially for those diving into crypto complexities.
1. Free to Download and Use: MT4 is completely free to download and use, making it accessible to traders without incurring additional costs.
2. Wide Array of Crypto Markets: The platform supports a diverse range of crypto markets and trading pairs, providing traders with ample opportunities for portfolio diversification.
3. Highly Customizable Interface: Offering a highly customizable interface, MT4 allows traders to tailor their trading environment according to their preferences and trading strategies.
1. Steep Learning Curve for Beginners: While its features are powerful, MT4 may pose a steep learning curve for beginners, especially those new to the world of cryptocurrency trading.
1. Advanced Charting Capabilities: MT4 stands out with robust charting capabilities, providing advanced tools, technical indicators, and analytical objects for in-depth market analysis.
2. Algorithmic Trading Options: The platform supports algorithmic trading through Expert Advisors (EAs), allowing traders to automate their strategies based on predefined conditions.
3. MultiAsset Support: MT4 isn’t limited to cryptocurrencies; it supports a broad spectrum of financial instruments, including traditional markets like forex, commodities, and indices.
1. Indicator Customization: Traders can customize and apply a wide range of technical indicators to enhance their analytical capabilities.
2. Template Configuration: MT4 allows traders to save and apply templates, streamlining the process of configuring charts based on specific preferences.
3. Algorithmic Trading Strategies: Users can create and customize algorithmic trading strategies using the MQL4 programming language, providing a high degree of flexibility.
6. Orion Terminal
The Orion Terminal changes how we trade crypto by giving a special decentralized experience. It lets users make smart trading plans and do trades on different exchanges, all from one place. What makes Orion Terminal one of the best charts for crypto is how it links with the Orion Protocol crypto idea, letting users use a crypto wallet instead of a usual centralized system.
1. Basic Crypto Features: Orion Terminal encompasses essential crypto features, providing users with fundamental tools for their trading activities.
2. Fully Decentralized Platform: Operating on a fully decentralized platform, Orion Terminal ensures that users have control over their assets and trading activities, reducing reliance on centralized entities.
3. Accessibility Across Devices: Orion Terminal is accessible on both desktop and mobile devices, offering flexibility for users to trade and chart on the go.
1. Lacks Proprietary Charting Tools: While providing access to various exchanges, Orion Terminal may lack proprietary charting tools, which could be a consideration for users accustomed to more advanced charting features.
2. No Support for Centralized Exchanges: The platform exclusively operates in a decentralized environment, which may be a limitation for users who prefer or require access to centralized exchanges.
Decentralized Trading Experience
1. Unified Entry Point: Users can devise intricate trading strategies and execute trades seamlessly across various exchanges through a unified entry point, streamlining the trading process.
2. Integration with Orion Protocol: The platform seamlessly integrates with the Orion Protocol cryptocurrency initiative, allowing users to access the platform using a crypto wallet rather than relying on traditional centralized systems.
3. No Centralized System Dependence: Unlike traditional cryptocurrency charting tools, Orion Terminal eliminates the need for dependence on a conventional centralized system, offering a more decentralized and user-centric approach.
Quadency is an all-in-one platform that makes crypto trading easy. You can connect to different crypto exchanges, do charting, and trade all in one place. No more juggling multiple accounts—Quadency makes trading simpler and friendlier.
1. Wide Array of Automation Tools: Quadency offers a comprehensive set of automation tools, allowing users to streamline and automate various aspects of their trading strategies.
2. No Subscription Needed for Charts: Unlike some platforms, Quadency provides access to charts without the need for a subscription, enhancing accessibility for users.
3. Custom Trading Bot Creation: Quadency empowers users to create custom trading bots without requiring extensive coding knowledge, providing a versatile solution for traders with varying technical expertise.
1. Accumulating Exchange Fees: Users should be mindful of exchange fees per trade, as these can accumulate, impacting the overall cost of trading on multiple exchanges.
2. Lacks Additional Analytical Tools: While offering a range of features, Quadency may lack some additional analytical tools that advanced traders might seek for in-depth market analysis.
Trading Across Multiple Exchanges
Quadency is one of the best crypto charts facilitating trading across multiple exchanges, offering several advantages:
1. Unified Dashboard: The platform provides a unified dashboard, allowing users to connect with and trade on multiple cryptocurrency exchanges without the need to navigate between different platforms.
2. Efficient Trade Execution: Quadency streamlines the process of executing trades across various exchanges, reducing the hassle of managing assets on multiple platforms.
3. Integration of Trading Bots: Users can leverage Quadency’s suite of trading bots, including an AI trading bot, catering to traders seeking efficient charting and strategy execution, regardless of their coding skills.
4. Seamless Strategy Execution: The seamless integration of trading bots enhances the efficiency of strategy execution, making it easier for traders to implement and manage their trading strategies.
How to Read Crypto Charts?
Understanding Crypto Charts
Ever wondered what you’re looking at when you delve into the intricate world of crypto charts? Each ‘candlestick,’ those vertical bars in red and green, tells a story about the price movements of a specific asset within a designated time frame. Think of them as snapshots capturing the essence of market dynamics.
Decoding the Colors
- Red Candlestick: Indicates the crypto’s price closed lower than it opened, synonymous with falling or bearish trends. In some markets, these can appear as black.
- Green Candlestick: Represents a closing price higher than the opening, signaling rising or bullish trends. In alternative markets, these may appear as white.
Anatomy of a Candlestick
Each candlestick is composed of four key data points:
1. Open price
2. High price
3. Low price
4. Close price
The Basics of Reading Crypto Charts
1. Body: The thicker block of color, represents the distance between the open and close prices.
2. Wick: The thinner block of color, indicating the distance between the body and the high or low prices, also known as shadows.
3. Range: The entire candlestick, depicts the distance between the high and low prices.
Key Factors in Chart Analysis
1. Length of the Candlestick Body
- A longer body signifies a more drastic price change.
- Short green bodies suggest a small price increase, while long green bodies indicate a significant upward movement.
- Short red bodies indicate a small price decrease, while long red bodies suggest a significant downward movement.
2. Length of the Wicks
- Longer wicks imply higher price volatility, whether in an upward or downward direction.
- Shorter wicks indicate a more stable price.
3. Body-to-Shadow Ratio and Position
- A larger body compared to the shadow strengthens the trend.
- Shifts in trend may be indicated by growing wicks relative to the body.
- The position of the body about the wick(s) signifies potential market stability or indecision.
Bullish vs. Bearish Crypto Chart Patterns
Understanding patterns is key to identifying potential trends and informing investment strategies. Examples include the Shooting Star, Doji Candlestick, Bearish Engulfing Pattern, Bullish Engulfing Pattern, Bearish Evening Star, and more.
The Shooting Star is like a quick snapshot of a trading day. If the price starts low, goes high, but ends up low again, it looks like a small candle with a long tail on top. This may suggest a possible change in direction.
A Doji is when the open and closed prices are closed, making a small cross shape. It’s like a sign of confusion in the market, where buyers and sellers are unsure who’s in control.
Bearish Engulfing Pattern
A Bearish Engulfing Pattern is two candles – a small up one followed by a bigger down one. It signals a potential shift from a positive to a negative trend.
Bullish Engulfing Pattern
The Bullish Engulfing Pattern is the opposite – a small down candle followed by a larger up one. It suggests a shift from a negative to a positive trend.
Bearish Evening Star
Think of the Bearish Evening Star as a trio – a big up candle, a smaller one, and then a big down one. This hints at a potential turnaround after an upward trend.
A Bearish Harami is when a big up candle is followed by a small down one fully contained within the big one. It signals a possible shift from an uptrend to a downtrend.
The Bullish Harami is the opposite – a large down candle followed by a small up one fully contained within the big one. It suggests a potential shift from a downtrend to an uptrend.
Bearish Harami Cross
This is like a big candle followed by a small one that opens and closes at the same level (a doji). It might signal a possible change in direction during an uptrend.
Bullish Harami Cross
Similar to its bearish counterpart, the Bullish Harami Cross involves a big down candle followed by a doji. It hints at a potential reversal during a downtrend.
Bullish Rising Three
The Bullish Rising Three is a group of five candles, starting with three small down ones, followed by a big up candle that covers the previous three, and ending with another small up candle. It shows that the uptrend is likely to continue.
Bearish Falling Three
The Bearish Falling Three is its counterpart during a downtrend. It starts with three small up candles, followed by a big down one covering the previous three, and ends with another small down candle. It suggests the downtrend is likely to persist.
Patterns are informative but not predictive. While historical data and patterns enhance decision-making, they don’t guarantee specific outcomes. Always approach crypto chart analysis with a well-formed and cautious mindset.
Factors Influencing Chart Analysis
Length of Candlestick Bodies
The size of the colored part (body) of a candlestick matters. A big green body means a significant price jump, while a big red body signals a notable drop. A smaller body suggests a less dramatic change. Traders look at this to understand how much the price moved in a specific time.
Length of Wicks and Volatility
The thin lines above and below the candlestick (wicks) show how much the price went up or down. Longer wicks mean more price uncertainty – it went up a lot and then came down, or vice versa. Shorter wicks mean a more stable market. Traders use this to figure out how risky an investment might be.
Body-to-Shadow Ratio and Position
Now, look at how big the body is compared to the wicks. A big body with short wicks shows a strong trend – either going up (green) or down (red). If the wicks get longer, the trend might be slowing down. Also, where the candlestick is on the chart matters. If it’s in the middle, it could mean uncertainty, while a candlestick at the top or bottom might show a clear trend.
Conclusion – Best Crypto Charts
To sum it up, we’ve covered the coolest crypto chart tools of 2024, helping you make savvy moves in the crypto world. The significance of chart analysis, particularly with the highlighted candlestick charts, cannot be overstated—it’s the compass in the intricate landscape of cryptocurrency trading. So, keep learning, stay flexible, and adapt to the changes in the crypto world.
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Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide tax, legal, or financial advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.