Cryptocurrency is increasingly changing the way we do business by decentralizing all transactions.
Digital currencies, such as Bitcoin, have increased in value tremendously against the US dollar in the last decade. And this implies investing in Cryptocurrencies is one of the most profitable decisions you can make.
To know whether to go short or long when trading Cryptocurrency, you need charts that provide you with insights timely and quickly.
It turns out there’re other easy-to-read and ready-made Crypto-based charts besides the typical Candle chart in the trading terminals that can provide accurate trading signals.
Yes, there’s Crypto charting software that is easy to interpret and provides you with in-depth insights into the price action.
In this blog, you’ll discover:
Before diving right into the how-to guide, we’ll address the following question: what is technical analysis?
Technical analysis uses patterns in market data to identify trends and make predictions.
The appeal of Crypto chart analysis lies in how users can interpret charts to better understand herd psychology. Bullish and bearish trends are phases of momentum generated by the market.
In other words, a strong rising movement in the Crypto price is often a reflection of a sense of optimism and excitement on the part of the market.
The opposite is also true.
A Cryptocurrency with a downward trend reflects a pessimistic perception and puts pressure on sellers.
As long as there’s no change in attitude, the trend should not reverse.
The Crypto chart analysis-based methodology uses mathematical and statistical modeling to understand market and price behavior. There are three main tenets that apply to Crypto chart analysis:
Armed with these beliefs, you can easily draw on a variety of influences, including behavioral and traditional economic principles, to make predictions about market movements.
Technical analysis looks solely at price movements.
To leverage the Crypto chart analysis methodology, focus on factors like:
In theory, technical price trends give clues about market sentiment.
In the coming section, we’ll cover the benefits of Crypto Chart analysis.
The key to trading Cryptocurrencies is knowing when to buy/sell and when to exit a trade.
Yes, you read that right.
And for you to identify trading opportunities, you have to sift through past price action data to predict an opportunity or loss. Visualization is really crucial in analyzing price action data as it saves time.
How?
Charts and graphs (which we’ll discuss later) distill signals from noise faster than tables. So, you can easily pick out potentially profitable trends during Crypto chart analysis.
With the surge in Crypto data daily, making sense of the quintillion bytes of data is impossible without chart analysis. You need charts that are easy to interpret and insightful to forecast opportunities and risks when trading Cryptocurrencies.
Some of the visualization designs you can use during Crypto chart analysis include:
Visualization Source: ChartExpo
A Radar Graph is a two-dimensional diagram for conducting Crypto chart analysis. It can display insights into two or more metrics during active trading sessions. The chart is straightforward to understand and customize.
Visualization Source: ChartExpo
A Comparison Bar Chart is a visualization design that uses composite-colored bars to show comparison insights in a specified period. The graph is ideal if your goal is to compare more than two key Crypto data points, such as daily price and volume.
One of the significant advantages of the chart is it’s incredibly easy to read and interpret.
Visualization Source: ChartExpo
You can use the Crypto chart analysis diagram to monitor and prioritize your objectives, providing critical data for strategic decision-making. The above visualization immediately shows you the difference either positive or negative in the given data.
In the coming section, we’ll cover how to create Crypto charts.
Google Sheets is a trusted data visualization tool because it’s familiar to many.
But the spreadsheet application lacks ready-made Crypto charts.
We understand switching tools is not an easy task. And this is why we’re not advocating you ditch Google Sheets.
There’s an easy-to-use and amazingly affordable visualization tool that comes as an add-in you can easily install in your Google Sheets ready-made Crypto charts. The tool is called ChartExpo.
So, what is ChartExpo?
ChartExpo is an incredibly intuitive add-on you can easily install in your Google Sheets without watching hours of YouTube tutorials.
With many ready-to-go visualizations, the Crypto Chart analysis generator turns your complex, raw data into compelling, easy-to-interpret charts that tell compelling data stories in real time.
In the coming section, we’ll take you through how to install ChartExpo into your Google Sheets.
You don’t want to miss this!
Imagine you have Bitcoin price data for the 2020 and 2021 financial years. You want to determine the profitability of the Cryptocurrency in question.
We’ll use a Radar Chart for our scenario.
Months | Previous | Current |
Jan | 9545 | 34622 |
Feb | 8778 | 46642 |
Mar | 6483 | 58714 |
Apr | 8773 | 53260 |
May | 9688 | 35945 |
Jun | 9188 | 35945 |
Jul | 11118 | 41157 |
Aug | 11657 | 47663 |
Sep | 10764 | 41412 |
Oct | 13573 | 54712 |
Nov | 18114 | 50000 |
Dec | 28768 | 34000 |
To install the ChartExpo, add-on for Google Sheets from this link.
Insights
Some of the tested and proven charts for displaying Crypto data insights includes:
The charts mentioned above are incredibly easy to read and interpret. Besides, they’re easy to plot if you use third-party add-ins, such as ChartExpo.
Yes, technical analysis is one of the two methodologies that traders use to analyze market behavior. And it uses patterns in market data to identify trends and make predictions.
The appeal of technical analysis lies in how users can interpret charts to better understand market psychology.
Cryptocurrency is increasingly changing the way we do business by decentralizing all transactions.
Digital currencies, such as Bitcoin, have increased in value tremendously against the US dollar in the last decade. And this implies investing in Cryptocurrencies is one of the most profitable decisions you can make.
To know whether to go short or long when trading Cryptocurrency, you need charts that provide you with insights timely and quickly.
You cannot find ready-made Crypto charts for analysis in Google Sheets.
Google Sheets has pretty basic charts that need more time and effort in editing. You actually don’t have to do away with Google Sheets.
So, what’s the solution?
We recommend you install third-party apps, such as ChartExpo, to access ready-to-use diagrams for Crypto chart analysis.
ChartExpo is an add-on for Google Sheets that’s loaded with insightful and ready-to-go Crypto Charts for easy analysis. You don’t need programming or coding skills to use ChartExpo.
More benefits
Sign up for a 7-day free trial today to access ready-made Crypto Charts that are easy to interpret.
We will help your ad reach the right person, at the right time
Related articles