A cryptocurrency market scanner is a quick way to screen exchanges for moving indicators such as price, volume and technical indicators like RSI, MACD, MA, etc.
Why is a market scanner useful for crypto?
There are over 1,800 cryptocurrencies available at the time of writing this blog post across multiple exchanges (Eg. Binance, Bittrex and so on). Often we would be “too late” to catch a coin that might be moving, and this is because it takes a long time to get the useful information.
Conventional methods of finding performing cryptos would be pulling up a chart on TradingView for example, then setting indicators such as RSI and MACD. There are a few problems with this method:
1. It is difficult to tell what is happening to all the other cryptocurrencies you’re not currently analyzing
2. You’re often late to the party unless you were looking for an entry previously already.
With a crypto market scanner, you can:
1. See from a glance all RSI oversold/overbought cryptos
2. See where MACD crossovers are currently taking place on multiple timeframes
3. See where there is the most volume/price % changes on all timeframes, instantly.
As you can imagine, this already sounds like a great way to save time.
With good crypto market scanners you can also set alerts, such as to be notified when RSI is oversold for a certain cryptocurrency or a MACD crossover has taken place. As crypto is still in it’s very early stages, it’s difficult to find the right tool to suit your needs.
What tool should I use for market scanning cryptos?
This is exactly what we developed Cryptolume (https://cryptolume.co) for.
With our tool you can:
– See oversold/overbought coins
– See values across all popular timeframes instantly
– Sort via a table, or receive alerts through the UI or desktop/mobile via Slack
We’ve been operating since October 2017 and have been constantly developing new tools in this space to assist users with their trades, not only do we have the above but we also have a lot of fundamental tools which you can use to aid with your trades.
One of our most popular features, the Exchange Explorer can be seen below, with the exchange explorer you can see RSI values for all timeframes, volume/price changes, buyer/sellers and more at a quick glance! Take a look below:
If you’re looking for a accurate cryptocurrency market scanner with alerting possibilities, check out the information available on Cryptolume: https://cryptolume.co/features/