4 Tools for the Modern Crypto Trader
In this article I will guide you through the must-have tools for any crypto trader. Each of these four will add serious benefit to your trading game. Use them and you will finally be able to make those garage-full-of-lambos, bathtub-filled-with-champagne dreams a reality. Okay, maybe not like that. But it will give you that little benefit you could use after having been in the longest bear market of crypto history.
TensorCharts
This is one of the best tools out there, but extremely underutilized. TensorCharts is an alternative to Tradingview, but focuses on one specific aspect: visualizing the historical order book. Since it can be little daunting at first, it’s best explained with an example. Let’s take the following chart.
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There are two obvious patterns that best help explain this chart. First you see a horizontal line forming around the $10,000 level, indicating a physical support through a strong presence of BUY orders in the order book. Also, we have the advantage of knowing that $10,000 is a psychologically important level. Indeed, the first time the price reaches that level the price beautifully bounces.
The second example is the horizontal line forming around the $9,800 level. Then, when the price suddenly drops near the end of the chart you find that it bounces exactly at that level of the order book support. This tool can greatly help you identifying horizontal levels to determine entries, definitely worth to get acquainted with this tool.
100eyes Crypto Scanner
The 100eyes scanner is taking the meaning of a crypto market scanner to a whole new level. This scanner doesn’t simply scan for RSI or volume levels, but upped the game to provide completely automated TA with beautiful charts. Here’s an example of such a charts that gets sent.
Using the online portal you can select what alerts you want to subscribe to,
along with the timeframes. Then, by using Telegram the alerts are automatically sent to you.
What makes them stand out from the competition, is their ability to find more
advanced patterns such as the RSI Divergence detection or horizontal price zone detection. They send the alert timely, so you can immediately benefit from being the first to realize that this pattern has formed.
If you have never tried a scanner before, we definitely recommend you to try it out. You can simply start using their free crypto scanner, with no account or registration required.
CryptoPanic
When you’re trading, you want your solid TA to take the upper hand, and not get caught by surprise. Ever had the issue that a big announcement came in the middle of a trade, completely screwing up all your technicals? Meet CryptoPanic. This website aggregates news from tons of sources and very quickly shows you the most complete overview you will ever find. This one will save you a lot of time, especially when it comes to understanding what is happening right now in the world of Crypto.
Another big benefit of using CryptoPanic is understanding the market sentiment before you are entering a trade. Trading in a good sentiment market can lead to finding trades with a positive bias. This in turn leads to higher win rate and ultimately more profit.
Tradingview
Obviously, this post cannot be complete without mentioning Tradingview. However, many people only use Tradingview for their amazing charting tools. How often do you read the analyses of pro traders on the idea section? Using the following url you will filter out all ideas specifically for crypto: https://www.tradingview.com/ideas/crypto/.
Before you decide to enter a trade, why don’t you have a look at the big
influencers in crypto? There are many accounts that legitimately add a lot of
value and provide great entries for you. Not only you can see their ideas in
real-time, you can also read on their reflections later when they close the
trade. Boost your success, by surrounding yourself with quality people.
Written by David
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