Bitcoin Forum

Looking to get into crypto trading and I'm curious what tools do you use for technical analysis?

Volume analysis. Very high volume often indicates a reversal point, because it means large scale accumulation or distribution is happening. If you have access to it, horizontal volume profiles are really useful for identifying where volume-based support and resistance are on the chart.

Secondly, price pivots (highs and lows) and areas of sideways consolidation often represent support and resistance. These are often good areas to take profit and then wait for a new entry.

Thirdly, I really like Bollinger Bands. When the bands are tight (we call it "squeezing"), price usually trends hard once it breaks out of the bands. The upper and lower bands are useful as short term overbought/oversold signals, and price often reverts to the middle band (20MA).

Not really sure what do you mean by "tools". Did you mean indicator? Bollinger Bands, MACD and etc for me is indicator/technical indicator, so probably we have a different understanding here.

But if you really mean something like Bollinger Bands and etc, then I use plenty of them. It also depends on your trading style though, do you like scalping? Then BB and StochRSI with MACD is probably a good combination. You should also learn about the timeframe and EMA/SMA as it is important to understand the long-term price movement (probability).

Visit babypips and investopedia, you can start learning from there.

On PC I use tradingview on mobile I'm using Tabtrader. Most of the indicators that I'm using is bollinger bands, RSI, MACD, 4EMA(On trading view made by philakone),stochastic RSI.

Isn't using tradingview a bit complex? Where did you trade btw? Why don't use the internal trading tools by the exchange that you use?

Tabtrader is a nice choice, support many exchange sites and you can trade directly with it. You can try FoxyTrader too, however it only support Bittrex account last time I used it.

I only use technical analysis to create strategy day after day, never use fundamental analysis. MACD, MA and SO is my technical combination but always use long term period to calculate my stop loss and take profit area. Even not always have big profit but learn about market works is fun and make me smart.

Candlestick is the technical indicators I used in my trading and I am an expert in using and interpreting candlestick formations.  I believe that if you know how to used technical indicators for cryptocurrencies you will always know when to invest and when to sell.  I just know that many newbies are losing money because they did not know how to interpret candlesticks formation and patterns.

The current scenario technical analysis is not useful in crypto because market is totally unpredictable so long term trading technical analysis is good in this situation. I suggest we should check the previous chart and project overview but I don't recommend any tools because we can analyse our convinence way.

I try to keep it simple. Too many indicators can just confuse things.

I use one indicator for volatility (Bollinger Bands), one for volume (volume profile), and one for momentum (Chande, RSI, or something similar). Candlestick reading and horizontal S/R is also important. Major MAs like the 20-day can also be good to have on the chart, as price tends to gravitate towards them (mean reversion).

This is also a good technical indicator, I'm still working on it and adjusting the parameters to see the best for me.


How do you explain more or link to understand the candlestick because I know that it is important to making profit. If a trader masters the different candles that form, it will help to know when to get into the market.

Moreover, what time frames do you study your candlestick with?

It's not that complex, I use trading view to analyze then I trade on bitmex. I'm having a hard time using platform's internal trading tools  plus it lacks a lot of indicators so I quit using it.

Indicators like these are good but I technically most likely don't rely on this indicators or as tools for making money in the trading platform. It's good to think if you have your own research as well. The most used are available in any technical analysis software that may use as an indicator like these, analysts and market experts take the help of various parameters to confirm if a stock is a trade pick which is identifying uptrend market. Trading for me is giving a headache that you must have a good research first before engaging in it because even how many indicators you had still the market is unpredictable.

I am more on a long term trader so I use only historical chart. The most effective way to earn profit in the crypto world, but its entail long period of time. Historical data suggest the period of bear market as well as bull run. I just follow this order buy low sell high.

Just an advice, try to focus more on the fundamentals rather than looking for the technical analysis because crypto currencies are very much dependent upon the fundamentals only. The technical analysis is good too as it considers many facts and theories within its base but over the time this could be problematic as things keep on changing in the crypto space based on the fundamentals. How do you know this? Well you pick any technical analysis that is made by some expert and wait for the prediction to come true. Most of the time this analysis will fail because bu that time some bad news or good news would have played the game!! Better focus on the fundamentals mate.

https://coinalyze.net/ plenty of tools

By tools, I was curious what websites or software you use and then what indicators, etc. I am looking at both holding long term and also using a portion to learn scalping so I can get in and out of the market quickly and make a few bucks.

This is good. I'm gonna check this out more later.

Start of by analyzing daily price action, locate the resistance and supports. See where the price moves, if it's close to either support/resistance move into lower timeframe and see how the price reacts when hitting either one. Depending on the reaction either go long/short.

If it's nowhere near either, leave it alone and come back later. "Don't go into trades, let the trades come to you".

Usually I use several indicators of technical analysis. I use them depending on the coin and the situation. Most often these are Bollinger bands, Stochastic rsi, Ichimoku cloud. I also analyze the price of the technical analysis figures. Sometimes I also use the candlestick analysis.
But all these indicators should be used wisely. Never forget that in the world of crypto currencies, news plays a very important role, so your plan is using indicators and news simultaneously.

I used exponential and simple moving average to detect the support and resistance.When exponential moving average is on top of simple moving average ,I don't exit the trade ,but when exponential moving average moves below the simple moving average ,I exit the market.
I also use bollinger band to open a postion when the price hit lower bollnger band of 4 hours chart,and exit the trade when the price touch the upper bollinger band.
I also use trend lines to detect the support and resistance,but I watch the previous buy price of the coin before making decision.
I used trend lines to detect a breakout especially if a bullish candle breaks the resistance of that trend lines.

I forgot to mention something earlier.

Context is really important in trading. It's good to use some form of long term cycle or trend analysis to understand the larger trend and overall market context. One example is the Wyckoff method (http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:the_wyckoff_method). Another example is Dow Theory (https://www.investopedia.com/university/dowtheory/dowtheory2.asp). Yet another is Elliott Wave Theory (https://www.investopedia.com/articles/technical/111401.asp). Some trend traders keep it really simple and just use the 20-week or 200-day moving averages to determine which direction to trade in.

Normally, as long as news will not work for the movement of the market, I really do not see any reason why someone should be focusing on it to trade the market which is the reason why a lot of people simply do not rely much on fundamental and probably might work a little bit during an uptrend anyway. The best to use as far as I am concerned is candlestick pattern.

You really do not have to load up your chart with so many indicators, and then you are able to do your simple analysis when it comes to identifying supports and resistance, the reaction of the candle in terms of trend reversal within those points and so on. Probably, one can combine it though with RSI to be able to view the momentum within those zones.

I try to keep it as simple as possible.  I watch the charts, RSI and volume.  I also use an AI predictor service to help me predict the short term (is minutes) direction of the market.  With these simple tools I have had great success.  I find the more I try to get fancy with the tools the more issues I have. 

There is actually no specific tool you have to use as you need to use what fits your own pattern and then stick with it based on your strategy. The tools are enormous, starting from indicators to technical analysis to candlestick pattern analysis.
It is then left for you as an individual to simply take advantage of these tools at your disposal and make the best of them. Usually, you cannot use everything, and at least learning some few momentum indicators like Stoch RSI, or trend indicators like Moving Averages, can really go a long way when it comes to trading a market.

I usually use rsi, ema, bollinger, to trade crypto, sometimes if i feel like doing it then i will use others like Elliot wave or ichimoku but that's quite rare. I only use simple indicator and compare them to other people's TA at trading view. If you want to learn then you can read investopedia and look at people's TA at trading view. I used to do that in my early crypto days.

I only use chart, don't have other tools because not really deep in trading, even for coins sometime i ask my friend what good coin to buy today. At least if stuck, i have friend who stuck too

Personally I like to use such indicators as Awesome Oscillator, Moving Average Convergence Divergence, Relative Strength Index, Aroon Oscillator. Williams Alligator. Also I always make technical analysis according to theory of William Gann.

I use  Moving average to analysis the trend of price and also i used price pattern and candlestick pattern. In my opinion trading with 2 different indicator is better than use alot of different indicator.