Crypto - Useful Tools for Staying on Top of Crypto Noise

in #cryptocurrency6 years ago

This article is for the beginner and intermediate crypto fans, who are scratching more than the surface of crypto trying to understand its inner workings. Here are the tools which I find my self checking almost on a daily basis. They work like a compass when you are lost in the sea of crypto information. :wink-wink:

Trading helper

Trading view helps you analyse charts on your prefered crypto coins. A lot of free features. The one I like most is tracking the loss/profit of the current trade, by setting the entry point and watching your stop loss or target being hit.
This is one example of a trade stopped with losses in Sky coin against BTC.

The chart shows the 15 minutes candles. The trade started at 0.003088, and was ended with loss at 0.0026 BTC with around 15% loss. Unfortunately, the Sky coin went up after closing the trade, teaching me sometimes you need a little patience, otherwise you end up selling the bottom. Learned the lesson and moved on.

Trading view can keep track of older trades showing the old trades you made and their results when you come back after a while just to remember what trades you took on a coin.

You can also set trade alerts, draw your own support or resistance lines and make predictions based on the infinite number of indicators, which means learning some technical analysis while you're at it. For hard cores, they have a scripting language which allows writing strategies for trading.

Did I mention experience traders use it to share their ideas about the direction the market is going to take?

Coin analysis tool

A friend of mine recently recommended coincheckup which analyses a coin from some fundamental aspects point of view. The result of this introspection is quickly finding out if you are dealing with a shitcoin or there is real technology behind the coin you are looking at. It contains details about the technical team, their experience, the marketing of the coin, the github activity, the technology behind it, the fact of the coin being a simple token or having its own blockchain. So many details of so many coins, packed together with an overall rating. Let's not forget the buy/sell recomendation based on technical analysis indicators. Here's an example of iExec (RLC):


This will help you take decisions for the long term, or eye opportunities for the short term.

News aggregator

The same friend (we should split the credits for this article after all the things he's taught me) introduced me to crypto panic which is a great aggregator for news on all crypto or a sepcific one without the noise of something like reddit. If something happened to the price of a coin (either up or down) and you want to find out in a second what the reason was, you check it out on crypto panic and quickly figure it out. Only relevant news, good or bad.

Here is an example:

Crypto sentiment analyser

While reading up on one of my preferred Telegram channels, one of the members posted an interesting tool: Greed And Fear Index.
Why is this important and how can it be used? It signals times when people sense the FUD and are panick selling, this is usually considered a good time to buy. Or, when people fear of missing out and rush buying into trades, and these are usually the times when the market will suffer corrections. Here's a screenshot:

Thank you for reading!
I'd like to hear your opinions about the tools I've posted and receive your upvotes if you liked it.
Also, let me know if you would find it useful for me to write another post about useful telegram channels I'm watching or mobile apps I'm using.

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didn't know about the sentiment analyzer tool, thanks for sharing!

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