Crypto Tutorial Basics Part 1 - How To Read A Candle Stick Chart by seolein

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cryptocurrency · @seolein · Jul 4 '17 (edited)

$0.03

Crypto Tutorial Basics Part 1 - How To Read A Candle Stick Chart

Hey guys,

Cryptocurrencies are no doubt the hottest thing at the moment. I thought it might  be helpful for a lot of people who come new into the game to know how to actually read the candle stick charts.

In the beginning it can be quite confusing, but it's actually super simple. 

Ok let's get straight into it..

For this purpose I took a chart from Bittrex for ETH/BTC

![](https://steemitimages.com/DQmb364MvFuxoUGnn8RyGdnEbT7oXF88Ko7SNLJvxvp4wzn/image.png)

Ok so here is what each number represents

**1** = Here you can set the **width** of one candlestick, in our example it is set to 30 minutes, so each candle stick no matter if it's red or green represents a timeframe of 30 minutes.

**2** = This is the **OPEN** price point of our candle stick timeframe

**3** = This wick below our candle stick represents the **LOWEST** price within our 30 mins timeframe 

**4** = This wick above our candle stick represents the **HIGHEST** price within our 30 minutes timeframe

**5** = This is the **CLOSE** price point of our candle stick timeframe, so this is the last price within our 30 minutes time frame. 

I hope this little guide was helpful for you. If you have any follow up questions please don't hesitate to comment and I will reply to every one of you. 

Happy investing!

👍 seolein, stepin, jakeworkingman, talltim, matthew23, futuristiclights, georgeb, biginkdot, idonteven

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@duckmast3r · Jul 4 '17

Very nice.  I'm pretty new to trading.

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@seolein · Jul 4 '17

Thanks for your comment, appreciate it!

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@futuristiclights · Jan 9 '18

@baemax0313

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@jakeworkingman · Jul 4 '17

awsome post #seolein im a in the process of building my steemit account  and i would like to purchase #steem  useing my paypal to purchase #litecoin and exchange it to steem ? is this posssible or do i have to use a bank account instead of paypal ?? thanks for the informative post ,, upvoted and followed

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@seolein · Jul 4 '17

Many thanks Jake! To be honest I'm not sure about Paypal. 

I find the best way to go to coinbase.com and buy Bitcoin with USD or EUR. Then send it to an exchange (I recommend Bittrex.com) , there you can easily exchange your BTC (Bitcoin) to STEEM with a 0.25% fee.

From Bittrex you can send your STEEMs to your Wallet here on Steemit website (click on your profile on the top and click on Wallet -> click on Permissions -> Copy the MEMO, this is the string of numbers you will paste in Bittrex as your "SEND TO" address.

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@jakeworkingman · Jul 4 '17

i have a  coinbase account already it wont let me buy any currency with my paypal , it say wire transfer or bank account  , and i was thinking about getting litecoin and exchange it for steem ,  bittrex will exchangew the litecoin?

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1 reply

@talltim · Jul 4 '17

I prefer candlestick to any other bar chart display type because its very easy to see where and how price has fluctuated.

Once you get used to the way price data is reflected in the chart, it becomes second nature to you. Especially with certain topping and bottoming formations that are more obvious with candlestick patterns.

There's more to it than just that, but its a great starting point for people just getting into charting.

👍 seolein

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@seolein · Jul 4 '17

Totally agree with you

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