#CryptoCharts101 First Steps to Read Charts in Crypto Trading 📊

If you have peeked into the world of cryptocurrency trading, you may have noticed those charts filled with lines and colors that seem complex. In #CryptoCharts101, we will give you a simple introduction to start understanding what these charts are telling you and how you can use them to make better decisions.

The most common type of chart you will see is the candlestick chart. Each "candle" represents a period of time (for example, 1 hour, 1 day) and shows you four key price points:

* Opening price: Where the price started in that period.

* Closing price: Where the price ended in that period.

* Maximum price (high): The highest point the price reached.

* Minimum price (low): The lowest point the price reached.

Candles are usually of two colors: green (or white) and red (or black). A green candle indicates that the closing price was higher than the opening price (the price went up), while a red candle means that the closing price was lower than the opening price (the price went down). The "shadows" or "wicks" that protrude from the candles indicate the range between the maximum and minimum price of that period.

In addition to the candles, charts often include volume, which is displayed at the bottom. Volume tells you how many times an asset was bought and sold in a given period. A high volume in a strong price movement can indicate that the movement is significant.

Reading charts is a skill that develops with practice. At first, focus on identifying the overall trends (whether the price is going up or down) and how the candles are formed. You don't need to be an expert right away, but understanding these basic concepts will give you a great advantage in your crypto trading journey.

What part of the charts seems most interesting or challenging to you?