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5 TOP CRYPTO TRADING BOTS

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5 TOP CRYPTO TRADING BOTS

Cryptocurrencies are famous for being extremely volatile. In a matter of seconds or a few minutes, the prices can fluctuate drastically. With trading being carried out 24/7 round the clock, it becomes extremely challenging for an investor to keep track of the market and make optimal decisions to do healthy trading at the right moment. Crypto trading bots step into the picture, where they are used to make trades and execute transactions on behalf of the investor.

What are Crypto Trading Bots?

Crypto trading bots are automated software used by cryptocurrency investors to maximize their profits. With other risk management tools, crypto trading bots monitor data and trends, allowing the investor to make calls on trades without the emotional factor affecting the trading strategy. Usually, the investor is the one who needs to follow the market trend and keep an eye on the statistics. Still, with the help of crypto trading bots, the whole process has become automated. The bot can analyze and interpret the market, thus calculating the potential risk the investor might face in buying and selling crypto assets.

Below are the top 5 bots in the market which are best at carrying out automated tasks for the investor.

Pionex: For High-volume Investors

5 TOP CRYPTO TRADING BOTS

Pionex is the world’s first cryptocurrency exchange with 12 built-in trading bots. The investor can access the bots without extra charges. It allows an entirely automated investment strategy without the need to monitor the market constantly. It has a fully-fledged mobile application of its own and features low trading commissions.

Even though Pionex supports crypto-to-crypto conversions by manual trading, the primary service it offers is the ‘Trading Bot.’ This bot buys and sells orders without manual input when pre-determined market specifications/conditions are met.

Pionex charges a maker-taker fee, which means the investor will be charged when they execute transactions that “create” liquidity on the market and “take” liquidity off the market. The investor will be charged a maker fee if the trade isn’t promptly matched by an outstanding order on the books and pay the taker fee once the trade order is instantly matched with an outstanding order.

Trality: For Beginners and Advanced Traders

5 TOP CRYPTO TRADING BOTS

Founded in 2019, Trality is for people who want to create their own creative and intricate algorithms, using the community-driven and educational infrastructure, promoting development as a trader.

For people unaware of the advanced coding algorithms, Trality developed a state-of-the-art tool called Rule Builder. The Rule Builder is a graphical interface that allows building a crypto bot’s trading logic by dropping and dragging indicators and strategies.

Advanced users who are experts in Python coding can benefit from Trality’s browser-based Code Editor. The Code Editor allows users to create advanced strategies quickly and efficiently.

The Rule Builder and Code Editor are powerful tools that allow users to perform backtests and validate their algorithms before deploying their crypto bot into the live market.

Quadency: For a Unified Experience

5 TOP CRYPTO TRADING BOTS

Quadency is another crypto bot that allows trading from all top-tier exchanges. Using its single, fast and intuitive interface, Quadency features various order types catering to all traders. Investors can go live in minutes by choosing popular built-in strategies and customizing them according to their needs.

Furthermore, Quadency allows constant monitoring of assets in all exchanges and tracks offline wallets’ performance. Advanced charting is also available for investors to go beyond the market cap rankings with built-in charts and market screener coupled with high-quality streaming data.

Cryptohopper: For Constant Connectivity

5 TOP CRYPTO TRADING BOTS

The cryptocurrency market is a highly competitive place where constant trading is taking place. With these continuous trades and investments being made, the market keeps fluctuating. Even a short lapse in concentration can result in missed profits. Cryptohopper steps into the picture where it hosts its services on cloud storage, thereby cutting off downtime and providing timely updates without interrupting the trading routine. Even with the network offline, Cryptohopper will continue working, providing optimal performance levels.

Coinrule: For Current Strategies

5 TOP CRYPTO TRADING BOTS

Crypto trading bot, Coinrule has one of the widest ranges of built-in trading strategies, making it difficult to compete. With more than 150 trading templates, Coinrule allows the investor to customize their investment automatically when the pre-determined parameters are met. From long-term holding strategies, stop-loss settings and accumulation, Coinrule constantly updates its system with new templates.

Final Verdict

An investor can only process a certain quantity of data at a given moment. Even if all of the data is processed, getting an insight into it cannot be easy. Crypto trading bots can efficiently process large amounts of data and come to reasonable conclusions. This way, the bot invests, trades and makes the call on behalf of the investor, thereby acting as an extension of their mind.

Crypto bots are powerful and efficient. While trading in crypto, the investor does not have to worry about delays and human errors. As long as accurate data transmits to the bot with suitable algorithms, there is a very high chance of a healthy profit return on the investment made by a crypto bot. Furthermore, a crypto bot can work 24/7 compared to a human and lacks any sense of emotion, thus allowing a bot to make sound decisions. And experienced traders might be able to make rational decisions by overpowering their feelings, but this is not the case for everyone, especially beginners. Nothing is perfect, and this goes for crypto bots too. With all the advantages in its favour, the current market affected by the pandemic has become increasingly volatile and unpredictable. Predicting the market has become extremely difficult, where a strategy needs to be put in place to rack up profit. A crypto bot cannot come up with a plan of its own and make decisions purely driven by instincts. Lastly, programming errors too can lead to a loss in the world of trading. Thus, it is crucial to make an extensive study and have a deep understanding of the insides of the digital

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Bitcoin

The Age of Cryptocurrency and Who Created it?

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The Age of Cryptocurrency and Who Created it?

Launched in 2009, Bitcoin is the world’s largest cryptocurrency by market capitalization.

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Bitcoin

HOW TO BUY BITCOIN FOR THE FIRST TIME (STEP-BY-STEP)

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HOW TO BUY BITCOIN FOR THE FIRST TIME (STEP-BY-STEP)

If you’ve never done it before, buying bitcoin can feel a lot like buying drugs. It usually goes down late at night when you’re bored. There’s always a friend of a friend involved who’s got the hookup. And even after you commit to it and cough up the money, you aren’t really sure about what you’re getting in return.

Your first experience with buying bitcoin doesn’t have to be a bad one. If you follow this guide step-by-step, you’ll learn how to buy bitcoin in no time.
View interactive via lucidchart

HOW TO BUY BITCOIN FOR THE FIRST TIME (STEP-BY-STEP)

Below is a list of recommended methods for buying bitcoin. Two things to remember as you’re going through this guide.

First, these methods are ordered from least fees to most fees but you can typically get your bitcoin faster by paying higher fees. For example, bank accounts ususally take several days to verify and often have zero fees, but a credit/debit card can be verified instantly or may not require verification and you can receive your bitcoin same day.

Second, this order represents my experience with buying bitcoin and might not be applicable to every person in every situation.Bank account or wire transfer (No fees)

Credit or debit card

Paypal

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12 Popular Candlestick Patterns Used in Technical Analysis

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12 Popular Candlestick Patterns Used in Technical Analysis

Introduction

Candlestick charts are one of the most commonly used technical tools to analyze price patterns. They have been used by traders and investors for centuries to find patterns that may indicate where the price is headed. This article will cover some of the most well-known candlestick patterns with illustrated examples.

12 Popular Candlestick Patterns Used in Technical Analysis

How to use candlestick patterns

There are countless candlestick patterns that traders can use to identify areas of interest on a chart. These can be used for day trading, swing trading, and even longer-term position trading. While some candlestick patterns may provide insights into the balance between buyers and sellers, others may indicate a reversal, continuation, or indecision.

Its important to note that candlestick patterns arent necessarily a buy or sell signal by themselves. They are instead a way to look at market structure and a potential indication of an upcoming opportunity. As such, it is always useful to look at patterns in context. This can be the context of the technical pattern on the chart, but also the broadermarket environment and other factors.

In short, like any other market analysis tool, candlestick patterns are most useful when used in combination with other techniques. These may include theWyckoff Method, theElliott Wave Theory and theDow Theory. It can also includetechnical analysis (TA) indicators, such asTrend Lines,Moving Averages, theRelative Strength Index (RSI),Stochastic RSI,Bollinger Bands,Ichimoku Clouds,Parabolic SAR, or theMACD.

Bullish reversal patterns

Hammer

A candlestick with a long lowerwick at the bottom of a downtrend, where the lower wick is at least twice the size of the body.

A hammer shows that even though the selling pressure was high, the bulls drove the price back up close to the open. A hammer can be either red or green, but green hammers may indicate a stronger bull reaction.

12 Popular Candlestick Patterns Used in Technical Analysis

Inverted hammer

Also called the inverse hammer, its just like a hammer, but with a long wick above the body rather than below. Similar to a hammer, the upper wick should be at least twice the size of the body.

An inverted hammer occurs at the bottom of a downtrend and may indicate a potential reversal upward. The upper wick shows that price stopped its continued downward movement, even though the sellers eventually managed to drive it down near the open. As such, the inverted hammer may suggest that buyers soon might gain control of the market.

12 Popular Candlestick Patterns Used in Technical Analysis

Three white soldiers

The three white soldiers pattern consists of three consecutive green candlesticks that all open within the previous candles body, and close at a level exceeding the previous candles high.

Ideally, these candlesticks shouldnt have long lower wicks, indicating that continuous buying pressure is driving the price up. The size of the candles and the length of the wicks can be used to judge the chances of continuation or a possible retracement.

12 Popular Candlestick Patterns Used in Technical Analysis

Bullish harami

A bullish harami is a long red candle followed by a smaller green candle thats entirely contained within the body of the previous candle.

The bullish harami can unfold over two or more days, and its a pattern indicating that selling momentum is slowing down and might be coming to an end.

12 Popular Candlestick Patterns Used in Technical Analysis

Bearish reversal patterns

Hanging man

The hanging man is the bearish equivalent of a hammer. It typically forms at the end of an uptrend with a small body and a long lower wick.

The lower wick indicates that there was a large sell-off, but bulls managed to take back control and drive the price up. Keeping that in mind, after a prolonged uptrend, the sell-off may act as a warning that the bulls might soon be losing control of the market.

12 Popular Candlestick Patterns Used in Technical Analysis

Shooting star

The shooting star is made of a candlestick with a long upper wick, little or no lower wick, and a small body, ideally near the low. The shooting star is a similar shape as the inverted hammer but is formed at the end of an uptrend.

It indicates that the market reached a high, but then sellers took control and drove the price back down. Some traders prefer to wait for the next few candlesticks to unfold for confirmation of the pattern.

12 Popular Candlestick Patterns Used in Technical Analysis

Three black crows

The three black crows are made of three consecutive red candlesticks that open within the previous candles body, and close at a level below the previous candles low.

The bearish equivalent of three white soldiers. Ideally, these candlesticks shouldnt have long higher wicks, indicating continuous selling pressure driving the price down. The size of the candles and the length of the wicks can be used to judge the chances of continuation.

12 Popular Candlestick Patterns Used in Technical Analysis

Bearish harami

The bearish harami is a long green candle followed by a small red candle with a body thats entirely contained within the body of the previous candle.

The bearish harami can unfold over two or more days, appears at the end of an uptrend, and may indicate that buying pressure is decreasing.

12 Popular Candlestick Patterns Used in Technical Analysis

Dark cloud cover

The dark cloud cover pattern consists of a red candle that opens above the close of the previous green candle but then closes below the midpoint of that candle.

It can often be accompanied by highvolume, indicating that momentum might be shifting from the upside to the downside. Traders might wait for a third red candle for confirmation of the pattern.

12 Popular Candlestick Patterns Used in Technical Analysis

Continuation patterns

Rising three methods

This pattern occurs in an uptrend, where three consecutive red candles with small bodies are followed by the continuation of the uptrend. Ideally, the red candles shouldnt breach the range of the preceding candlestick.

The continuation is confirmed with a green candle with a large body, indicating that bulls are back in control of the trends direction.

12 Popular Candlestick Patterns Used in Technical Analysis

Falling three methods

The inverse of rising three methods, indicating the continuation of a downtrend instead.

12 Popular Candlestick Patterns Used in Technical Analysis

Doji

A Doji forms when the open and the close are the same (or very close to each other). The price can move above and below the open but eventually closes at or near the open. As such, a Doji may indicate an indecision point between buying and selling forces. Still, the interpretation of a Doji is highly dependent on context.

Depending on where the line of the open/close falls, a Doji can be described as:

Gravestone Doji Bearish reversal candle with a long upper wick and the open/close near the low.

12 Popular Candlestick Patterns Used in Technical Analysis

Long-legged Doji Indecisive candle with both a lower and upper wick, and the open/close near the midpoint.

12 Popular Candlestick Patterns Used in Technical Analysis

Dragonfly Doji Either bullish or bearish candle (depending on context) with a long lower wick and the open/close near the high.

12 Popular Candlestick Patterns Used in Technical Analysis

According to the original definition of the Doji, the open and close should be exactly the same. But, what if the open and close arent the same but are instead very close to each other? Thats called a spinning top. However, since cryptocurrency markets can be very volatile, an exact Doji is rare. As such, the spinning top is often used interchangeably with the Doji.

Candlestick patterns based on price gaps

There are many candlestick patterns that use price gaps. A price gap is formed when a financial asset opens above or below its previous closing price, which creates a gap between the two candlesticks. Since cryptocurrency markets trade round the clock, patterns based on these types of price gaps are not present. Even so, price gaps can still occur inilliquid markets. However, since they happen mainly because of low liquidity and highbid-ask spreads, they might not be useful as actionable patterns.

Closing thoughts

Candlestick patterns are essential for any trader to at least be familiar with, even if they dont directly incorporate them into their trading strategy.

While they can be undoubtedly useful to analyze the markets, its important to remember that they arent based on any scientific principles or laws. They instead convey and visualize the buying and selling forces that ultimately drive the markets.

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