Understanding a Candlestick Chart

Bitcoin candle chart explained

Bitcoin candle chart explained

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The 8775 open 8776 of a candlestick represents the price of an asset when the trading period begins whereas the 8775 close 8776 represents the price when the period has concluded. The 8775 high 8776 and the 8775 low 8776 represent the highest and lowest prices achieved during the same trading session.

How To Read A Candle Chart Explained : Bitcoin

Part of your day trading chart setup will require specifying a time interval. If you’re not planning to be glued to your screen all day, you’ll probably want to use a lower time frame. If you plan to be there for the long haul then perhaps a higher time frame would be better suited to you.

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The below demo video, explains how to configure a robot using the builder feature at IQ Option. The video explain how to specifically setup a strategy based on candlesticks, and doji patterns within them

Here’s When Analysts Expect Bitcoin to Print a $1,000 Candle

As NewsBTC reported yesterday, Bitcoin currently has a major liquidity pool sitting around $65,555. These levels tend to be visited by assets at some point, and one analyst believes it will help spark a BTC rally up to $68,555.

Day Trading Charts - The best free candlestick charts

Each chart has its own benefits and drawbacks. However, day trading using candlestick and bar charts are particularly popular as they provide more information than a simple line chart.

One analyst explained in a recent tweet that a weekly close above $9,755 would be undeniably positive for BTC’s macro outlook, as it would mark a higher-high on the crypto’s daily chart.

The size of the bar/candle depends on the time frame you have opted for. Let’s say that the price bar or candle is generated every five minutes. Bar and candlestick charts will show the price of the first transaction that took place at the beginning of that five minutes, plus the highest and lowest transaction prices during that period. In addition, you’ll also see the final (closing) price of that five minute period.

I’m going to assume that you already know something about candles because you are this deep into the article already. I like them because they offer so much more insight into price action. Switching from a line chart to an O-H-L-C chart to a candlestick chart is like bringing the market into focus. The candles jump off the chart and scream things like Doji, Harami and other basic price patterns that can alter the course of the market. The thing is, these patterns can happen everyday. Which ones are the ones you want to use for your signals? That is the question on the mind of any one who has tried and failed to trade with this technique.

Add too many indicators and you’ll be left with a sea of colours and lines that will only slow down the decision making process. Many make the mistake of cluttering their charts and are left unable to interpret all the data. Instead, consider some of the most popular indicators:

One of this type appearing at support may be a shooting star, pin bar or hanging man signal one occurring at support may be a tombstone or a hammer signal. Look at the example below. There are numerous candles that fit the basic definition of a doji but only one stands out as a valid signal. This doji is long legged, appears at support and closes above that support level.

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