#CryptoCharts101
Do you go into Binance and see a bunch of red and green candles that look like a light fight? 😵💫 You're not alone! Understanding a price chart is one of the most powerful skills in the crypto world. 🔥
Here are the basics:
🟦 Axes:
The X axis (horizontal) shows time.
The Y axis (vertical) shows the price.
Knowing where you stand in time and how the price has moved is the starting point.
🕯️ Japanese candles:
Each candle shows 4 key data points: open, close, highest price and lowest price.
Green = the price went up
Red = the price went down
Learning to read these candles tells you how the market behaved in a specific period.
📉 Support and resistance:
Support: area where the price usually "bounces" when falling.
Resistance: area where the price usually slows down when rising.
Detecting them helps you anticipate movements and make better decisions.
Once you understand this, you are no longer looking at struggles... you are reading the language of the market. 📚📊