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Fintech Zoom – Bitcoin Candlestick – It is important that if you intend to invest in Bitcoin or any other digital currency that you analyse the crypto coin’s market charts. These charts are effective in displaying the fluctuations of a particular crypto coin and can be helpful in deciding how to invest on the coin, whether to either purchase or sell.
There are basic coin market and price charts that provide the simple analysis of crypto coins, however, if you desire to understand the exact daily changes of a coin, week changes, monthly fluctuations, you will need advanced charts that provide detailed information about the coin.
These advanced charts are known as Candlestick Charts, though a little puzzling at the first glance, you can understand them better if you study them. An example of Bitcoin Candlestick Charts is the Coinsquare Chart.
Candlestick Charts is used to understand complex analysis of bitcoin daily trading in the market. These charts provide enough information on daily start and end price of bitcoin. A picture sample of a Candlestick chart is shown below
The method to read and understand the Candlestick Chart is to understand the features on the graph and know what they represent
- Bar line: This line depicts the high and low price of a specific date
- Bar shaded portion: The bar shaded portion shows the start and end price of bitcoin for a particular date. The colour changes based on the difference.
- Colour of the bar: The colour of the bar changes depending on the price of the day. The colour is either green or red. When red, the end price of Bitcoin is lower than the start price for a specific date. When green, the end price is higher.
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