What is Candlestick in Bitcoin Trading?
A Bitcoin Trading candlestick is a bitcoin price representation which is used to represent the high, low, opening bitcoin price & closing bitcoin prices for a specific period of time. Bitcoin candles looks like a candle with wicks on both ends thus their name - candles.
This type of bitcoin price representation is commonly used by bitcoin traders because it is easier to trade with and interpret when analyzing cryptocurrency market bitcoin price movement on the bitcoin charts.
This candlesticks pattern can be selected for trading on MT4 platform and traders can then use this candlesticks crypto charts when trading bitcoin.
Candles Bitcoin Charts - these crypto candles charts use the same bitcoin price data as bar crypto charts (open, high, low, and close). The crypto candlesticks resembles a candle with wicks on both ends.
How to Analyze Candlesticks Bitcoin Charts
The rectangle section is called the body.
The high & low are described as shadows and plotted as poking lines.
How to Read Bitcoin Charts Beginners PDF
The color of the bitcoin trading candle is either blue or red:
- (Blue or Green Color Candles) - Bitcoin Prices moved up
- (Red Color Candles) - Bitcoin Prices moved down
Most bitcoin trading platforms like the MT4 Bitcoin Trading Platform, use colors to mark the direction of the bitcoin price. Candles colors used are blue or green: when bitcoin price moves up, color of candle is blue: when bitcoin price moves down, color of candle is red.
Drawing Crypto Candlesticks Charts on MetaTrader 4
To draw these on the MetaTrader 4 BTCUSD Trading Software, select the charts plotting tools within the "MT4 Toolbar" - shown below.
Drawing Crypto Candlesticks Charts on MetaTrader 4
To view this toolbar in MetaTrader 4 navigate to "View" Next to file at top left corner of MT4 Platform, Click "View", Then Click "Tool bars", Then check "Charts" Button. Above MT4 toolbar will appear.
Once the above charts toolbar, pops up you can then select the type of cryptocurrency chart you want to convert to, If you want to trade using the bar bitcoin charts format, click the bar cryptocurrency chart tool button as shown above, for line cryptocurrency chart trading click the line bitcoin charts tool button, for Japanese candlesticks crypto charts click the "candlesticks bitcoin charts tools button".
