How TradingView Facilitates Cryptocurrency Trading

How TradingView Facilitates Cryptocurrency Trading

Image source: Screenshot from tradingview.com

Traders’ fundamental and technical analysis accuracy typically determines how profitable they find the market. So, it’s no surprise that they prefer trading platforms that give them the necessary edge to make sound decisions. For most crypto traders today, the TradingView app has become the go-to platform for analysis and trade execution.

Understanding TradingView

The TradingView platform helps traders visualize and analyze data from all financial markets, like the currency, CFDs, bonds, indices, commodities, stocks, and crypto markets. The platform, available as a web and mobile app, has advanced analytical tools for monitoring fundamental data and tracking price changes.

The app is popular, with over 70 million active monthly users and over 30 million active users. Its social feature allows traders to connect and share ideas while analyzing and trading. The app also has backtesting asset screeners and automated trading tools that help traders enhance their trading process.

Advanced Tools, Simplified Analysis

Having a simple method to analyze the crypto market helps traders avoid complexities and design their trading system to match their style. TradingView helps traders with its many advanced tools and complex backend processes; it also has a simplified and immersive user interface.

This helps traders efficiently perform complex tasks, manipulate tools, and simplify their trading process while leveraging TradingView’s powerful brainbox; many traders prefer more complex methods but still enjoy their simplicity.

TradingView has dozens of built-in indicators and tools like the Fibonacci retracement and moving averages, which help traders identify price retracements and dynamic support and resistance levels. Traders can also import indicators from third-party platforms to create a strategy. For charting, the app allows traders to set up multiple charts and track assets simultaneously. There are also different chart types, like line, bar, and candle charts.

How TradingView Facilitates Cryptocurrency Trading - img1

Crypto Screening

There are thousands of cryptocurrencies, and hundreds are actively traded across various exchanges. The average crypto trader is overwhelmed with choices when finding crypto pairs. This is where TradingView steps in with an amazingly practical tool — the crypto asset screener.

The idea is simple: find tokens using various filters, such as quote currency exchange and symbol types. The quote currency filter arranges available tokens according to their quote token; traders can select a quote token like USDT, BNB, BTC, etc.

The exchange type filters tokens according to the exchanges where they are traded: centralized and decentralized. Finally, the symbol type filters crypto pairs based on the way they are traded: spot, futures, and perpetual.

There are many other filters, like volume, market cap., category, etc. This asset screener is excellent for streamlining the trading process as it helps traders find tokens and markets quickly.

Trading Automation

One of TradingView’s fast-growing roles in crypto trading is helping traders automate the entire process, from analysis to executing trades. This is done using expert assistants (trading robots, bots, and algorithms). Trading algorithms use predefined instructions to identify attractive price zones and identify potential opportunities to buy or sell coins. It is important to note that automated trading works with the integrated crypto broker/exchange.

Traders can also just set market orders for the system to trigger when certain conditions are met. Automated trading provides flexibility and enhanced crypto trading experience so that traders can analyze large data sets quickly, backrest strategies, and deploy trading bots instantly. Speed is another crucial advantage of automated trading, especially in the crypto market, where prices are volatile and can move quickly in a short while.

Trading Community

One helpful feature traders love about the platform is the social hub, where traders can connect and interact. Due to the nature of crypto projects and activities, the crypto industry is much more community-focused than other financial markets. TradingView leverages this to help traders read the opinions and biases of others and share theirs, too.

Live streams are also quite common in the community; traders can directly stream their activities on the app to followers across social media platforms. This allows them to reach the wider crypto community outside TradingView.

Market News & Backtesting In One Place

All traders understand the impact of news on the crypto market. Events like crypto ETF approval or rejection, regulatory decisions, and economic data can influence massive price action in the charts. With TradingView, traders can easily access such important information from one place. The app allows traders to sort news by relevance to assets, popularity, and delivery time.

Backtesting helps traders understand how their strategy works by testing them over historical data. This feature is available on TradingView, allowing traders to test and adjust their trading rules to enhance profitability extensively.

How TradingView Facilitates Cryptocurrency Trading - img2

Risk Management

There are expert tools on TradingView for managing a crypto portfolio according to specific instructions. The app helps traders avoid emotional trading and stick with data-driven decisions, especially in trending markets. When combined with the native risk management features brokers provide, traders can get the best from their accounts.

Get TradingView

TradingView provides excellent tools for traders to become profitable in any market, from custom indicators to trendlines and algorithms. Crypto traders will find the app intuitive, user-friendly, and invaluable for analyzing and trading the crypto market. Register with your broker using the integrated app and launch into a world of possibilities in crypto trading.

TradingView is the preferred platform for crypto traders, offering tools like automated trading, asset screeners, and a social hub for community engagement.

Recently published

Yellow Blockspot.io Cube

Stay in the loop. Subscribe for updates.

Get crypto news and the latest updates about our platform straight to your inbox.