Top 3 Crypto Market Scanners for Trading
The emergence of blockchain technology has created an entirely new digital asset class. Investors are increasingly becoming more interested in digital assets such as Bitcoin and Ethereum due to the considerable amount of return that can be generated from these new assets when compared with more traditional assets likes stocks and bonds. As a result, crypto trading is an activity that has seen tremendous growth as traders try to beat the market and capture some gains. However, being able to trade crypto effectively is hard work, that’s why it’s so important to leverage existing trading tools to increase your chances of success.
What are Crypto Market Scanners?
One such tool that traders use to increase their odds are crypto market scanners. These scanners are tools that can be used to track the movements of various crypto assets. You can then use these movements as signals to execute various trade orders. A variety of things can be tracked using crypto market scanners, such as price and volume. Crypto market scanners will also often have an alerts function, whereby you can be notified of market changing movements that will allow you to place trades so that you can capitalize on them.
Crypto market scanners are also great for traders who trade based on technical indicators such as bollinger bands and relative strength index (RSI). There are crypto market scanners in the market that will instantly notify you when, for example, a particular cryptocurrency has been overbought or oversold based on above technical indicators.
There are a variety of crypto market scanners that are available in the market. So, we compiled a list of what we believe are the top 5 crypto market scanners that will be most useful for trading more effectively in the crypto market.
TradingView is a well-known trading platform that brings traders together to discuss their trading ideas and analysis. TradingView possess a whole host of other features too, such as its charts functionality that allows you to play around with the trading charts of various cryptocurrencies and also provides you with the functionality to perform technical analysis. However, more importantly, TradingView has its own inbuilt crypto market scanner that will scan the entire crypto market for you. TradingView’s scanner retrieves the performance of cryptocurrency pairs across the market, and allows traders to identify trading opportunities that they can capitalize on.
TradingView’s crypto market scanner is highly customizable, allowing traders to set filters that will allow traders to instantly see if a cryptocurrency is oversold or overbought. The crypto market scanner provided by TradingView is completely free to use.
CryptoAlerts is a crypto market scanner that will scan 1000+ cryptocurrencies and 20+ crypto exchanges based on various filters, such as: price action, technical indicators, performance and candles and more. Once a filter has been selected, a trader is displayed with numerous graphs of trading pairs that meet the conditions set in the filter. CryptoAlerts also provides an alerts functionality, meaning that traders can be notified of when there are any changes in the market. Traders can set customizable alerts such as: price target alerts, heavily oversold, net weekly high, and much more. According to the platform, CryptoAlerts appears to be a completely free tool that anyone can use.
BitScreener is also another crypto market scanner that will scan the market and provide you with the real-time performance of various cryptocurrencies in the market. Traders can again customize the cryptocurrencies that they want to see using filters such as volume and price. Bitscreener is a little bit more limited in functionality compared to the other two crypto market scanners, however, given the fact that the tool is free to use, it is still a worthwhile tool that a trader can try out when trading in the market.
There are a number of crypto market scanners in the market, and it’s important that you find one that is best for you. A good crypto market scanner can significantly improve your effectiveness when it comes to trading in the market. Of course, it is also important to remember that crypto market scanners will only be able to do so much when it comes to trading, it is also up to the trader to make smart trade decisions. Furthermore, crypto market scanners are just one of the countless tools that the average trader will use to succeed in the market. The important thing is to be relentless in identifying tools and opportunities that will allow you to gain an edge over the wider market.