Successful cryptocurrency trading requires substantial knowledge of the market and the ability to make quick and appropriate decisions to open and close positions at the right time. Trading only seems to be simple – closer examination reveals that it requires a lot of time and effort.
The Role of Crypto Rates in Trading
Crypto exchanges rates change rapidly and allow traders to make short-term profits, place trades and make money from the price difference. Cryptocurrency charts provide investors with a lot of useful information. Here is what you can get from a crypto chart:
- cryptocurrency live price;
- the biggest and smallest price fluctuation in the last 24 hours;
- trade volume of the last day;
- market changes during different time frames;
- crypto rates fluctuations displayed in the form of candlesticks.
What are Candlesticks and Where Can I See Them?
When working with crypto charts candlesticks, the user can set the time frame, for example, one day, one month, etc. In addition to crypto charts, cryptocurrency exchanges offer a trade volume chart that shows the trade volume corresponding to the candlesticks on the chart. With trading volume growth, the chart gets longer. Green bars indicate rising prices, while red bars indicate falling prices. Candlesticks can have different shapes and colours.
You should also look for candlestick patterns. Patterns are the group of several candles that reflect the buying and selling of assets at a given time. Fluctuations in cryptocurrency rates depend on the ratio between supply and demand and investor sentiment. A new candlestick pattern emerges with every price change.
WhiteBIT offers up-to-date crypto exchanges rates, a convenient user interface, and crypto charts that allow users to select asset pairs and see how their prices have changed over a period of time. In addition to the theoretical part that helps users analyse the market, WhiteBIT provides its users with the opportunity to practice trading using a demo account.