Best Crypto Chart App – Meet Spot, an app designed for mobile to manage your cryptocurrencies. Spot looks like a portfolio tracking app. But the company has built a solid foundation to add more features in the coming months. Spot wants to be your unique gateway to the world of cryptocurrencies.
“Spot’s vision is not to create a tracker anywhere else – we’ve gone a bit overboard with this feature,” said co-founder and CEO Edward Steigman. “Ultimately, we want to be an app to manage all your cryptos, like Revolut but with crypto DNA.”
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When you install the app for the first time, you can connect to your existing wallet by adding a public address. Even if you store your tokens in a hardware wallet, Spot can read public wallet information to display in the app.
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“We have our own nodes in Ethereum, Bitcoin, Litecoin, Stellar and others to restore the amount in your wallet,” said Steigman. The data is also checked by a third-party service to ensure that everything is correct.
Spot also allows you to connect to an exchange account using an API key. Currently, the app supports Binance, Kraken, Bitfinex, and Poloniex, but the company plans to add more exchanges.
The app provides a detailed overview of your assets across all services and wallets. You can see detailed charts and find out which tokens are better than others. This is one of the best mobile apps I’ve seen this year – the animations and interactions are fantastic.
But Spot does not rely on an API to get price information for each token. “We rebuilt CoinMarketCap from the ground up, and we are one of the few companies that have done it,” said Steigman. The company stores price information for most tokens on the exchange 150. That’s a lot of pairs.
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If you tap the Spot logo at the top of the app, you can see the maximum value of your portfolio if you monetize tokens from the highest price exchange. The company ensures that there is enough volume to show the right price.
Spot considers it very important to manage your own data to rely on API calls. When you have your own data, you don’t have API level limitations, you don’t have core dependencies, and you can add more stability.
Next, you can trade directly in the app. The company will not create its own exchange, but you can expect to buy and sell tokens on third-party exchanges without visiting their site.
“We think a lot of things are going to be tokenized and not have a user interface to exchange, receive, buy and sell,” Steigman said.
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The company has raised 1.2 million dollars (€1.056 million to be exact) from Kima Ventures and business angels, including Eric Larshevac and Thomas France from Ledger, Jean-Daniel Guyot, Thibaud Elcier, Eduardo Ronzano, Nicolas Steegman, Sebastian and Sebastien. .As the popularity of Bitcoin and other currencies increases, so does the number of traders in the crypto market. The high volatility of cryptocurrencies allows traders to make good money from falling prices, but relying only on luck or innovation in trading is a bad idea. Traders must constantly analyze the market. Fortunately, there are many market analysis methods available today. One such method is cryptocurrency technical analysis.
The chart is actually a money trail. – Fred McAllen, Charting and Technical Analyst. How To Learn Crypto Technical Analysis
Technical analysis is a method of determining how and when to trade an asset and predicting possible price movements through the study of previous market data. Unlike fundamental analysis, technical analysis does not attempt to determine the ‘real price’ of an asset. However, it depends on the history of asset price movements.
Technical analysis is based on the Dow Theory, named after its inventor, Charles Dow. This theory has six basic concepts.
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Experienced traders usually combine different methods in their method and wait for confirmation together. Confirmed signals can be considered more reliable for decision making.
It is important to understand that you cannot know exactly how the price will move in the future. But you can decide which conditions are good and which are not for open positions. Therefore, it is important to focus on risk management.
No currency has real time at any given time. Longer time frames are generally more important, but that doesn’t mean you can’t find good trades on shorter time frames. Check the hours and evaluate suitable business opportunities.
Choosing the timeframe depends on the trader’s trading strategy. The so-called skinner, who opens and closes positions quickly, prefers very short time frames, such as 1 or 5 minute charts. Day traders, who usually enter and exit trades during the day, mainly use 5, 15 or hourly minutes. . Finally, traders who prefer a long-term trading approach use daily or weekly charts.
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When markets experience major economic changes, shorter time periods are often better suited to identify better entry and exit points than longer time periods.
Trading volume plays an important role in the technical analysis of cryptocurrency and other assets. Volume is the number of coins traded in the selected time period. It is often displayed as a line of bars below the price chart. The height of the column is a visual identifier for the volume. Volume shows how bad the trend is. A strong trend is accompanied by a large trading volume and vice versa.
Japanese candlesticks are the most popular chart type for reading and analyzing price charts. Each of these candles shows the price movement of the currency in the selected period. Each candle has a body and two colors, which can be green or red. The body shows the difference between the opening and closing prices. If the body is green, below it shows the opening price and above it the closing price. For red candles, the opposite is true. Therefore, the green candlestick indicates that the closing price for this period is higher than the opening price, that is, the price has increased. A green candle is called “bullish”. On the other hand, a red candle indicates a falling price, which is called “bearish”.
The shadow of the body shows the lowest and highest price range during the period.
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This type of price chart is very useful because it shows the most important information about price changes during a certain period of time. We clearly know if the price has gone up or down in the selected period and we see the high and low price levels during that period.
Sometimes, a group of candles forms a recognizable pattern with its own name. Let’s take a look at some.
A Bullish retracement pattern is formed after a price decline and indicates a potential change in direction.
Support and resistance levels are key price levels where buyers or sellers enter the market and trade enough to block or reverse price movements. The level is indicated by touching the price several times without penetration.
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A support level is a level at which demand for an asset is strong enough to prevent the price from falling. Support is always below the current price. Traders tend to buy at support levels, which drives prices higher.
Resistance is the level at which the supply of an asset tightens to prevent prices from rising. The resistance level is always higher than the current price. Traders tend to sell at resistance levels, which lowers prices.
When the price crosses the resistance level, it becomes a new support. Also, if the price breaks the support level and goes down, the support level becomes the new resistance.
Indicators are some calculations based on various statistics such as price and volume. They are usually presented in visual form (lines, histograms, etc.) and added directly to the chart. The indicator is designed as an additional tool to help traders detect buy or sell signals. There are many indicators and they are widely used by short-term traders.
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One of the most popular indicators is the Relative Strength Index (RSI). It measures the magnitude of recent price changes to identify overbought or oversold conditions in the asset price, and is between 0 and 100. If the RSI is above 70, the asset is considered overbought and there is a good chance for falling prices. If the RSI is below 30, the asset is considered oversold and there is a high probability that the price will rise. However, it is good to remember that RSI, like other indicators, is only an additional tool and should not be used as the main signal to buy or sell to make a decision.
Before computers and the Internet, technical analysis was done manually on paper. Today, it is impossible to imagine doing this without simple computer tools.
Although cryptocurrency exchanges usually provide technical analysis tools to users, their convenience, expertise and capabilities cannot compete with dedicated platforms.
The information here is just the basics