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Author: Admin | 2025-04-28
Their favourite charts that suit their crypto trading strategy. Some crypto exchanges have a specific trading platform with helpful tools. Alternatively, you may prefer doing your analysis with MetaTrader 4 or 5, which you can download to desktop or mobile. Although this chart software has an excellent range of trading tools, I didn't get along with it. Charting on the mobile is tricky and caused me to have more losses.My Favourite charting platform for trading cryptocurrencies is TradingView. You get quite a lot with the free version, but there are also paid plans for traders with more demanding needs. The charts on TradingView are clean and easy to use, allowing traders to set alerts, hide indicators when necessary, save their favourite pairs to watch, and much more.Types Of Crypto ChartsAfter choosing your preferred software, your next decision is what chart style to use for analysis. The following shows the most popular charts for trading cryptocurrencies: -Japanese Candles: On each timeframe, you have red (price going down) and green candles (price going up). There are multiple candle patterns used for analysis.Line Charts: A line chart is one continuous line tracking price movement. Bar Charts: Not dissimilar to candles, except bar charts are simply red and green bars indicating price movement.Heikin Ashi: "Heikin-Ashi is a Japanese trading indicator and financial chart that means "average pace". Heikin-Ashi charts resemble candlestick charts but have a smoother appearance as they track a range of price movements, rather than tracking every price movement as with candlesticks." (Source: Wikipedia)Renko: A Renko chart is "bricks" that show price movement. The difference from other charts is that if a price stays in a range, the brick doesn't move and is not time associated. Choosing The Best Chart For AnalysisI suggest practising with the different charts in a demo account. Most novice crypto traders prefer Japanese candles. However, Heikin Ashi, though similar, can be easier to read. Other than Renko, they are all time-based, and I advise giving them a try as some traders prefer different charting styles.Renko is a learning curve. When you look at a Renko chart in hindsight, it appears to be one of the easiest charting methods, but it takes a particular personality to wait for a brick to form and is the only charting style based purely on price movements, not taking time into consideration.I found bar and line charts too challenging to assess support and resistance or identify chart patterns, most traders stick to traditional candlestick charts as the wicks or “shadows” of the candles provide traders with valuable insights.A Look at How Candlesticks Can Play an Important Role in Trading Analysis. Image via ShutterstockMarket Structure And CyclesThe cryptocurrency market has a unique market
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