Trading beginners can easily get lost in the endless list of various crypto charting tools, indicators, and strategies.
The most popular charting platform – TradingView is filled with an immense number of indicators and charting tools. It surely looks intimidating at first sight for new traders looking to start analyzing charts and learning Technical Analysis (TA). Newbies start asking themselves questions like which charting tools are best suited for crypto trading and which ones should they choose?
This is where our expert roundup comes in.
You will learn which charting tools some of the best crypto traders have in their trading arsenal.
Crypto Trading Profession
Trading is a complex and mentally taxing profession. Statistics are brutal – according to commonly referenced studies, 90%+ of all traders lose money within six months. On the other hand, those who take the time to master the art of trading enjoy the benefits this peculiar profession offers. Benefits include working from home or anywhere in the world where an internet connection is available. You can specify your own working hours and take time off whenever you like, or finances allow. You have full control over your time. Since crypto markets never sleep, you can truly pick the time you want to trade as you please even though some periods are more active than others, as is the case with any market.
Another significant benefit is an extremely low barrier of entry. All required crypto charting tools and exchanges are free to use. You can start with as low as $100 or even less. The only thing you will need to pay are trading fees, which vary throughout various exchanges. Most traders use Binance or BitMEX for margin trading. If you are a beginner, take our advice and avoid margin trading like a plague – it is a sure way to quickly lose your money. qTrade is also a great exchange and a solid choice when it comes to trading various low cap altcoins.
Stay In The Game
Keep in mind that each of the traders we interviewed has his own secret sauce that makes their trades successful. The Integral part is definitely comprehensive risk management, which stems from a good trading plan and needs to be respected at all times. Always remember that the most important goal is to stay in the game. Traders often agree that these are some of the essential components of a successful trading plan:
- Predefine the risk you can comfortably take
- Cut your losses (use SL)
- Systematically take profits
The main obstacle that will stand in the way of your success in trading are emotions. Keep them in check at all times and avoid common pitfalls. Those include FOMO-ing into trades, not respecting your trading plan, trying to fight the market, or using uncomfortable position size. And the list goes on. Try to understand that each and every moment in the market is unique. Acknowledge that anything can happen, act accordingly and follow your trading plan. Enjoy the game of probabilities.
Sea Of Crypto Charting Tools
If you are entirely new and lack a basic understanding of trading terminology and trading tools, BabyPips free course (School of Pipsology) is often recommended as a go-to introduction for trading beginners. Don’t get discouraged by the title mentioning Forex as most principles apply to crypto trading as well. You can skip the introductory lessons that talk specifically about Forex. As you will see, the course mentions various charting tools. It will leave you wondering which ones do you really need in practice. And that is the specific goal of this expert roundup.
We will dive into the wealth of information extracted from crypto trading experts, parse the data, and present the most popular crypto charting tools. These can be seen as the essential trading tools that help top traders achieve consistent profits and stay on top of their game.
Crypto Charting Tools – The Question
We contacted some of the most popular crypto trading personas and found out what are their favorite crypto charting tools for conducting Technical Analysis. Since TradingView (TV) is currently the most popular charting platform, we specified it to narrow down the results to the tools that TV offers. But as can be seen from the results, the majority of charting tools that many top traders use are universally available and can be found on most charting platforms. Paid plans or subscriptions are not necessary, especially for beginners. Premium subscription can come in handy later when you might want to have multiple charts in one browser tab.
All of the trading experts received the exact same question. It was intentionally straightforward to answer but still left enough room for additional insights that should be valuable to you.
What are the top 3 charting tools or indicators on TradingView that are essential for every trade you make, and on which time frames do you use them?
Crypto Charting Tools – Responses
We received responses from 10 traders. The responses varied in length and detail, but each and every response provides solid insights into the crypto charting tools and indicators each specific trader uses and his individual trading style. Without further ado, let’s get started.
Loomdart – Trendlines, Horizontal lines, Candlestick Patterns
Loomdart is one of the most popular crypto traders on Twitter. As a trendline master, he is certainly someone you should have on your following list. He posts charts on a daily basis with a brief explanation, and critiques various cryptocurrencies. We like his healthy sense of humor – not everything is strictly business in his tweets. He is one of the friendliest people we’ve met in crypto who won’t hesitate to help out and answer questions.
I like to keep things simple, and that translates to my trading style. Since I am a price action trader, I don’t use any indicators, including volume. My most used crypto charting tools are trendlines, and I have different trendline setups for various timeframes.
Trendlines are merely zones of potential support/resistance. They are by no means a be-all and end-all. While everyone can draw a trendline, and this is a good thing, as we need people to be able to draw them so everyone arrives at the same price levels aka more likely that price level is bid/asked.
But the real alpha is extracted from knowing if the trendline will hold the price. This can be assessed via a multitude of ways, and I think it’s beyond my alpha giving tendencies to divulge how I do it.
For buy/sell zones, I use mostly diagonal levels and rarely horizontals. I also look at candle formations along with the trendlines. I don’t look too much for patterns like triangles.
Triangles sometimes appear if two trendlines touch, but I usually treat it as two separate trendlines as opposed to a triangle.
The timeframes I use the most are 15 minutes, 4 hours, and daily. But in my opinion, 15 minutes is the best timeframe for low time frame scalps.
DYORangutang – Horizontal lines, Volume, RSI
Cryptorangutang is a full-time cryptocurrency trader, analyst, and author. A true expert in the field. He published a “Cryptocurrency: A Trader’s Handbook” book that is available on Amazon. It contains a wealth of trading information for beginners and is a compilation of knowledge Cryptorangutang obtained over the years of trading. Working with him is a pleasure, and we got a reply that clearly demonstrates both trading and writing expertise. Enjoy the very informative response below. It contains pure gold nuggets about crypto trading.
My current trading style is relatively simple. In the past, I did experiment with a lot of different indicators, and from time to time, I still use them to find confluence in setups I am not completely sure of (Ichimoku Cloud, Bollinger Bands, a combination of different EMA’s). Currently, however, I tend to stick with the following three crypto charting tools and here is why:
1. Horizontal Lines
The foundation of any analysis; I tend to go with horizontal lines instead of trendlines (although I do use them as well if they make sense) because they are much more reliable. Some people will call them order blocks, some will name them supply and demand areas but, in all cases, it simply comes down to marking levels at which the price is most likely to react to. I mark them starting from the highest timeframe (preferably weekly but sometimes monthly If there is a lot of price history) and go down to 1H. Based on that and on the significance of the support, which I judge by the number of past reactions and the recent performance of that level, I simply trade it level-to-level. This analysis shouldn’t be done without the basic knowledge about the market structure as well, as some horizontals might be more important due to being the last level keeping the overall structure intact.
The picture is incomplete even with the best marked levels if there is no volume to confirm the strength or weakness of the current price action. A rally upwards tells a different story on a chart with only candles and on a chart where the volume is decreasing. It’s a very simple yet effective way of telling whether the trend is going to continue or if it’s losing steam. What might seem like a breakout could be easily confirmed as a fakeout if there is no volume accompanying that move. New highs or lows on decreasing volume are forecasting a possible reversal, while steady volume increase in price discovery is a sign of continuation. It’s a very simple yet extremely effective tool that can often give you signals which simple price action won’t – hence the saying the volume precedes price, which is one of the reasons I try to never ignore it.
3. Relative Strength Index (RSI)
Arguably one of the most mocked indicators in the community, because it’s often misused. There are several ways in which RSI can be analyzed (oversold/overbought, divergences, drawing trendlines on it) and each one could be a valuable addition to the analysis. The problem is that a lot of people use RSI to make trading decision based on it, while it should only complement the already existing analysis. You don’t buy or sell the asset just because it’s oversold/overbought, just like you don’t instantly buy it whenever there is a bull div forming. I use RSI to confirm the analysis I’ve done without it – if the divergences are met with matching volume (i.e. bull divs on decreasing selling volume) and they are happening next to important level, then that’s a confluence I needed to take a trade. Regarding the timeframes, I use divergences the same way I do horizontals – the higher the timeframe, the more significant they are. When I scalp, however, I found that even 15M divergences can be a valuable indicator.
Devchart (Andre) – Custom Indicator, Fibs, S/R Zones
Devchart has been conducting technical analysis for only a year or so, but he already developed a system that automatically alerts users when specific conditions are met. Visit his profile for more info. Below is his response to our question.
Thanks for reaching out. I would first like to point out that I only started doing technical analysis for about a year now but have been investing in crypto for the past two and a half years. So I wouldn’t call myself an “expert” trader, I am an avid learner who keeps on learning and improving my strategies. Now with that out of the way, if you still decide that you want to include me in your list.
I am an avid user of moving averages and use a lot of them in different settings as my main crypto charting tools. Since tradingview limits the amount of indicators on their free tier, I have decided to just create my own indicator that grouped about 24 indicators into 1 (8 moving averages, 8 exponential moving averages, bollinger bands, ichimoku cloud, automatic support, automatic resistance, td sequential, williams fractal, vwmap) and since I liked using just that one using the FREE TradingView subscription, I have decided to release it for free for everyone else to use.
So when it comes to indicators, I mostly use the one I have created.
For timeframes, I like to focus on the daily to decide the trend of my coin and use the 4h and 1h for a trade entry. For my BTC scalps, I focus on the 15min and 1h mostly and use Fibonacci retracements and extensions along with support/resistance zones.
One other thing I would like to point out is that I dislike spending time looking at charts, so I created a bot that automatically scans Binance and sends me alerts if some of my preset scenarios get triggered. It helps me decide to enter a trade or not without even opening TradingView.
EfloudTheSurfer – Horizontal Lines, Trendlines, Fibs
EfloudTheSurfer is the cryptocurrency trader that uses a price action trading style. He trades both BTC and altcoins depending on market conditions. He posts regular updates on Twitter and Jungle Discord.
I am a price action trader, so I do not use indicators most of the time, but when I decide to look at them, I mostly use Moving Averages (MA), On Balance Volume (OBV), and Relative Strength Index (RSI).
When it comes to crypto charting tools, three tools are important to me. First of all, Horizontal Ray, which is essential to determine horizontal levels that are the first principal of Price Action. A trendline tool is also useful sometimes in order to detect price narrowing. Lastly, I use the Fibonacci Retracement tool between swings of price. It is very powerful if you use it correctly and if it intersects with your horizontal levels.
My favorite time frame is 4H, but I also use 1H and 15M for scalping trades and use Daily time frame to see the general trend.
Dereek69 – Horizontal Lines, Trendlines, TrendMaster
Dereek is well-known in low cap communities that like to trade obscure altcoins, and he is good at picking winners. His Twitter feed is busy with various content. One of the categories he posts about frequently is trading. He recently started developing custom TV indicators like automatic horizontal levels. Dereek also discusses his trades publicly, and you can always discuss these with him.
I like to keep things as straightforward as possible in my trading setups. In most cases, I only use horizontal and diagonal support levels. So the only two crypto charting tools that I use on TradingView are Ray and Horizontal Ray.
I found them to be working reliably on pretty much any timeframe, but for manual trading, I like to keep things slow and only chart on 4h and 1d timeframes.
My third most used drawing tool/indicator is C00kie’s TrendMaster paired with Heikin Ashi candles to skim through the charts faster and find potential trades. As above, I mostly use it on 4h and 1d timeframes.
CryptoMaestro – Guppy, EMA’s, MFI
The Guppy master. CryptoMaestro frequently posts TA charts on Twitter but actually does a lot of fundamental analysis as well. He is a self-proclaimed VEO maximalist and qTrade whale. This is what he had to say on the matter.
I use EMA’s 7/25/99, MFI, Guppy extensively, mostly on 4H, 1D, and 3D timeframes.
I am a trend trader, so both MAs and Guppy are used to confirm trend, possible entry, and risk management when it falls below. MFI is used to gauge whether the move is overextended (divergence). I am using it over RSI since it incorporates volume into the equation.
StackinBits – Horizontal Lines, Fibs, Candlestick Patterns
Popular cryptocurrency trader. Trades both Bitcoin and various altcoins. Crypto enthusiast. StackinBits often expresses his passion for crypto on Twitter, here is a quote: “I don’t care if bitcoin is $10k, or $1k… the functionality remains regardless of price. “Speculation” over whether or not bitcoin is valuable is a meme. I can transact literally any quantity of value w/another human 24/7 and no one can stop me.” A brief insight into his straightforward trading methodology can be seen below.
Top tools that I use on TradingView are:
- Fibonacci tool, but I use my own custom levels to determine direction, entry points, and targets.
- Candlesticks (PA), mostly swing candles, and candles that break structure.
- Horizontal lines and sometimes I like to glance at Williams Aligator, which is my preferred MA tool, but it is something I use for perspective, not for actual trading strategy.
Time frames I utilize vary depending on where we are in the market cycle. I’m heavily focused on the monthly time frame more than anything right now. While I will zoom in down to the 15min if there is extreme volatility.
Target_Sir – Horizontal Lines, Trendlines, EMA’s+RSI
Target_Sir describes himself as a bull market genius and market cap trading evangelist. The main crypto charting tools he uses are lines and rectangles for narrowing diagonal/horizontal s/r zones.
I’m usually not using too many tools. My favorite indicators are standard RSI and 20/50 exponential moving averages (EMA). Sometimes I’m also using Stoch with parameters (5, 3, 3) to find divergences, which aren’t visible on RSI.
The timeframes I mostly use are 1D/3D/1W. When we pair those with crypto charting tools, it comes down to these three tool categories I use for most trades: lines for diagonal trends/support-resistance, rectangles for horizontal support-resistance zones and 20/50 EMA’s + RSI to spot possible trend reversals.
Thrillmex – Horizontal Lines, Trendlines
Thrillmex is a price action trader that focuses on Bitcoin. He doesn’t use indicators, only drawing tools like various types of lines to identify support and resistance zones.
I use zero trading indicators and believe that most of them are useless. A distraction from current price action (PA). Except one, but that would give away my major edge. But yeah, if anything, probably the trendlines and horizontal lines.
TortoiseTrading – Horizontal Lines, Trendlines, Volume
Full-time cryptocurrency trader. Trades Bitcoin and various altcoins. During slow crypto periods, he can wander in other markets as well. TortoiseTrading regularly posts interesting trading setups in his free Telegram channel. A link can be found in his Twitter bio.
Top 3 trading tools I use would have to be horizontal support/resistance lines, diagonal trendlines, and volume. The higher the time frame, the more significant the line to be used on lower time frames.
The Most Popular Crypto Charting Tools
According to all the responses we received, the most popular crypto charting tools technical analysts we interviewed use are as follows:
- Horizontal Lines
- Fibonacci Retracement closely followed by Volume, RSI, and EMA’s
And the most popular timeframes sorted by the number of votes are 4H + 15min and 1D + 1H.
Time To Chart
There you have it. Those are the charting tools that some of the most successful crypto traders use for their trades. Now it is up to you to make the best out of that information. Implement it into your trading plan and keep improving. It’s time to wrap things up.
We gathered a lot of fantastic trading advice straight from the top crypto gurus. We hope you enjoyed it and extracted useful trading information along the way. We want to thank each and every trader that participated in this expert roundup and helped create a collection of excellent trading tips. Now we want to turn the torch over to you, dear reader, tweet us your favorite crypto charting tools and let us know how you use them. Take care.
Petar & Ana