How to Understand Cryptocurrency Charts?

Cryptocurrency trading is a widespread way of making money on the internet. To succeed in this field, a lot of work and practice are needed. Theoretical knowledge will not be enough to handle all the trading strategies and react to market fluctuations efficiently. There must also be a lot of practice and understanding of how the market works.

The core of all trading decisions is crypto price analysis, which is always based on cryptocurrency price charts. In this article, we will briefly discuss how to understand crypto charts and propose a convenient crypto trading platform for trading.

What Information to Look for on a Cryptocurrency Prices Chart?

Here are some of the crucial indicators you will find on a cryptocurrency chart:

  • The asset’s price right now.
  • The biggest and the smallest rate level the price reached during the last day.
  • Trade volume for the last 24 hours.
  • Set any timeframes and see how the price changed.
  • All the rate fluctuations are illustrated in the form of candlesticks.

When working with candlesticks, investors pick periods during which they want to see the price changes (a day or a month, etc.). There are also trade volume charts corresponding to every candlestick in the chart. When the line of trade volume grows, the chart gets an elongated shape. The bars get red and green: green stands for price growth and red for a drop. Crypto charts may take different candlestick patterns, consisting of several candles indicating purchasing and selling coins during a certain period.

One factor that impacts crypto prices is the ratio of supply and demand, which also depends on the market sentiment. Every time the asset’s price grows or falls, a new candlestick pattern emerges.

The Most Convenient Crypto Platform for Trading

WhiteBIT is a young crypto trading platform that offers a user-friendly interface, convenient mobile application, and crypto charts. Beginner investors appreciate this exchange for its transparency. It has all the needed information for successful investment and demo trading options for those who only begin their journey in the crypto field. For a better understanding of cryptocurrency price charts, visit the WhiteBIT blog, where you will find many useful and valuable articles and guides on trading.