#CryptoCharts101 โ Reading Charts Like a Pro Starts with the Basics ๐ฏ๏ธ๐ง
Understanding candlesticks and chart patterns can completely transform your trading strategy. Itโs not magic โ itโs market psychology in action.
๐ฏ๏ธ Candlestick Basics:
Each candlestick shows price action for a specific time frame:
Open ๐
High ๐
Low ๐
Close ๐
Green = price went up โ
Red = price went down โ
๐ Must-Know Patterns:
๐น Doji โ Signals indecision, potential reversal
๐น Engulfing โ Strong reversal pattern (bullish or bearish)
๐น Hammer/Inverted Hammer โ Trend reversal clues
๐น Morning Star / Evening Star โ Powerful trend reversal signals
๐ How Chart Reading Helps Me:
By spotting key support/resistance and candle patterns, Iโve:
โ๏ธ Avoided FOMO entries
โ๏ธ Timed exits before trend reversals
โ๏ธ Caught breakouts after consolidation
I no longer guess โ I wait for confirmations. ๐