Bitvo Launches Cryptocurrency Technical Analysis Tools

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Bitvo is launching crypto analysis tools, Technical Analysis Score and Technical Analysis Indicators, which offer traders a competitive advantage.

Barely a decade since the inception of Bitcoin, cryptocurrencies are currently the most sought-after investment option taking up a sizable percentage of the global financial market.

The fact that cryptocurrencies are still relatively new makes them unstable with constant and surprising market developments.

As such, investors looking to make the most out of cryptocurrencies find it difficult to analyze them. The good news is that there are a number of services and tools that offer quantitative and qualitative insights that help investors improve their research.

One of the firms looking to address this demand for technical analysis is Bitvo, which recently announced through a news release that it is launching cryptocurrency analysis technical tools.

These tools are called Technical Analysis Indicators as well as Technical Analysis Score.

Bitvo’s New Tools

The company, Bitvo, is a private Canadian firm that was founded by financial services and banking and payment entrepreneurs.

Bitvo’s two technical analysis services are aimed at offering good insight in order to assist investors in making informed decisions on buying and selling cryptocurrencies.

One of the great aspects of Technical Analysis Score is its simplicity. The service has been designed in a way that is easy to use for both new and expert cryptocurrency traders.

Technical Analysis Score features easily digestible overall scores for those new to trading. The scores range from excellent to very poor.

For the more experienced cryptocurrency traders, the tool offers an impressive range of more Technical Analysis Indicators.

Traders on the Bitvo exchange platform can apply these indicators to all the cryptocurrencies it offers. The service utilizes an artificial intelligence model to perform an evaluation of the strength of the available cryptocurrencies to offer a technical trading analysis.

It achieves this by aggregating hundreds of technical trading analytical indicators. The service uses this data to come up with a general quantitative score.

This score is a comparison between the strength of a certain cryptocurrency and the overall market strength on that day.

If a particular cryptocurrency has a higher score, it means that its strength technically is relatively higher than others with a lower score.

How the Scoring System Works

Virtual currency wallet. Bitcoin gold coin and printed encrypted money with QR code. Cryptocurrency concept.

Barely a decade since the inception of Bitcoin, cryptocurrencies are currently the most sought-after investment option taking up a sizable percentage of the global financial market.

The overall technical score has three further classifications.

The characteristics of various technical indicators are used to base these sub-scores. They include short-term, mid-term and long-term.

The short-term score is based on less than five days, the mid-term score between five and 20 days, while the long-term score on more than 20 days.

Bitvo emphasized that the overall technical score was only a measurement of the technical trading strength of a cryptocurrency on a daily basis according to the available data. These scores do not predict the future values of the cryptocurrencies on the platform.

However, the firm stated that traders could use the technical scores to gauge the future performance of the cryptocurrency.

One with a ‘good’ score may be expected to perform better than one with a ‘poor’ score. According to Bitvo President and CEO, the analytical tools would offer a competitive advantage to traders on their platform.

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