Configuring TradingView Charts for cryptocurrency trading is the first step in establishing a proper trading strategy. Spending excessive time trading crypto can often lead to losses due to the volatility and rapid price movements that are common in the cryptocurrency markets. Without utilizing the right tools and charts, traders are more prone to making errors. If you’re a crypto trader then you know that there are a variety of features that can be added or customized to fit your needs when analyzing market conditions with TradingView Charts.

The first step when starting with TradingView charts for cryptocurrency trading is to choose the right chart type. We tend to see the most trade into cryptocurrency using candlestick charts because they make pricing action very easily seen. Candlesticks make it easy to identify trends, breakouts, and entry/exit points because they display the open, high, low, and close of each timeframe. You can adjust the time frame for each candlestick to your liking on TradingView Charts from short to long term trading style.

Building on that, you can add indicators to your TradingView Charts to assist you in your analysis. Major cryptocurrency trading indicators include moving averages, the Relative Strength Index (RSI), and Bollinger Bands. Moving averages help eliminate noise in the price data and show if it is in a trending or non trending phase. TradingView Chart Review. Alternatively, Bollinger Bands, which indicate volatility, will tell you if the market is in a volatile or not volatile period and how much price movement to expect. This is possible by combining these two indicators to have a more clear picture of the market and find key points of where you should enter or exit a trade.

Any crypto trader needs support and resistance levels, and TradingView charts make them easy to draw. Support: This is where the price has repeatedly bounced back previously, and Resistance: This is where the price has usually reversed. With this you’ll be able to mark these levels on your chart which can help indicate potential buy and sell zones. Assuming the price is getting close to a strong support level, this can be a good time to enter a long position, but a pull on a resistance level could be the moment to sell or short.

An important step in setting up TradingView Charts for crypto trading involves learning how to customize your chart layout. What is great about the platform is that it allows you to change colors, add multi indicators, adjust the layout to compare two different crypto pairs side by side. This customization helps you to build a chart of your own trading style and specifications.

Trading cryptocurrencies requires keeping track of news and events that can impact the market sentiment greatly being affected by external factors, and you do so finally. A valuable feature of TradingView is its capability to add news feeds directly to your charts, keeping you informed about market developments and potential impacts.

Being of robust and flexible platform, TradingView Charts are useful for cryptocurrency trading. With a little customizing on your chart layout, adding key indicators, and more importantly, pin pointing support and resistance, you can develop a strategy that will help achieve your particular trading goals. Although it takes practice at first, using the platform will help you take the edge when it comes to exploring the moving terrain of the cryptocurrency marketpace.