In order to trade successfully, actions must be supported by thorough technical analysis. In turn, as important as the analysis, is the monitoring of the cryptocurrency assets we own. In this article, we will combine both of these issues and show you how to take care of them.
Coinmarketcap and Coingecko as primary sources of data
The Coinmarketcap and Coingecko websites are very similar in their objectives and serve to monitor the cryptocurrency market. They are the places where all data about most projects is collected. The information presented within the sites makes it easier to make investment decisions. We can find the basics on them, such as current market prices of assets, their capitalizations and trading volumes. In addition, we have access to a range of historical data, charts and news. The latter are worth keeping up to date, because they have a strong impact on the often very dynamic price movements of the coins. An interesting solution adopted on the above mentioned services is the information on the community gathered around the various projects. We wrote a separate article about them under the title “Cryptocurrency communities“. We encourage you to read it to learn and understand the essence of their existence.
Tradingview and the possibilities of technical analysis
While portals such as Coinmarketcap and Coingecko are knowledge banks, perfectly supporting the fundamental analysis of the cryptocurrency market, Tradingview is equally relevant when it comes to technical analysis.
Technical analysis, is the analysis of the charts of individual cryptocurrencies, based on the monitoring of their price action. Tradingview is a service that allows you to observe such movements in depth. Access to most of the portal’s features is completely free. We can use it to make individual assessments of market behavior. The service allows us to determine resistance and support levels, identify and draw price trends, determine all kinds of value movement patterns, analyze the popular Fibonacci diminutions and much, much more. All based on a range of available time intervals, so as to maximize the effectiveness of each of our analyses. Many people speculate whether technical analysis works at all. But with such precise tools as Tradingview, it’s hard not to try it to find out for yourself.
Blockfolio and Delta, or asset monitoring
Once you have conducted a satisfactory analysis and made purchases of the cryptocurrencies you are interested in, it is worth having an insight into the monitoring of their value. Special and, most importantly, free applications serve this purpose. The two most popular are Blockfolio and Delta. Both of them work great for beginners as well as more experienced users. They are characterized by simplicity of use. We can directly connect them with the exchanges on which we trade in order to keep track of the value of our portfolio. In addition, both applications support the creation of charts and allow you to view the latest news.
Analysis and monitoring the basis for success
When entering the cryptocurrency market, everyone wants to make money on it. However, it is important to remember that not everyone will necessarily succeed in this art. Therefore, it is of great value to make accurate assessments of projects. Regardless of whether you follow only fundamental analysis or support it with technical analysis, you will bring yourself closer to success. Of course no type of analysis is a guarantee of profit, but its absence can bring you closer to losses. Seeing how many free opportunities the market provides, it’s hard not to take advantage of them. It is through them that we build our advantage.