When I first learned about Plotly, I never imagined it to be this simple and easy to plot graphs, but not just normal graphs, beautifully precise graphs with so many other features. This can be quite useful when trading as you can see which cryptocurrencies are correlated with each other and you can choose them to invest in. On the other hand, you can see that BTC and XMR are negatively correlated as XMR spikes at around the 25th of November but BTC dropped slightly then. But ETH and LTC are much more strongly positively correlated than BTC and ETH, you can see this by looking at the patterns in the different graphs and see how they change in comparison to each other. Multiple cryptocurrency graphs shown next to each other to compare correlationĪs you can see from the graph that BTC, ETH and LTC all have very similar trends. Long term averages react much slower, but show a more generalised direction of travel for the market.Ī candlestick chart is a type of financial chart which can provide a lot of information about price movements, such as the opening, closing, highest, and lowest prices of a certain security in a specific time period. Short term averages, those with shorter time periods, react quicker to changes in the market. Simple moving average is the value which can be used to show the current trend in volatile data and is calculated by dividing the sum of the recent prices by the number of time periods for which we calculated the sum.
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