Hello everyone, with Monic here and welcome back to Indodax Academy! For those who don’t know, at Indodax Academy, you can learn more about blockchain and crypto asset trading. So, before we start, don’t forget to visit the indodax.academy website, okay!
In this thirty-seventh episode, Monic wants to tell you how to read advanced charts or candlesticks. But, before we start, let’s subscribe to the Indodax YouTube channel first and turn on the notification bell below!
Now, Monic will tell you how to open a chart on Indodax. First, visit the Indodax website at indodax.com first, then log into your account. After logging in, the names of crypto assets will appear, then click which crypto asset you want to see the chart for, and click Advanced Chart. After that, a candlestick chart display will appear like this!
Now, if the chart is open, you can see that this chart usually shows the time and price. Want to know how to read it? Come on, let’s directly teach Monic how to read advanced charts!
Starting from how to read a candlestick, this candlestick has the meaning of a candlestick and has a shape like a candlestick. On a candlestick chart, the bar is called the body, and the axis is called the shadow.
On the candlestick chart, you can choose several time frames that will describe each candlestick. If the time frame is fifteen minutes, it means that one candlestick describes the price movement within fifteen minutes.
Now, in one candlestick, you can immediately get four information, namely: the initial or open price, the closing or closing price, the highest price, which is high, and the lowest price, which is the low on the time frame.
Then, you can also see that the candlestick has two colors, namely green and red. A green candlestick means a bullish candle, because the closing price of that period closed higher than the opening price, or which means close > open (close is greater than open).
In addition, a red candlestick means a bearish candle. This indicates that in that period closed with a lower closing price than the opening price, or which means close < open (close is smaller than open).
Still confused? Monic try to explain in more detail yes!
So, when the price is opened at OPEN, the price will then move to the highest level, which is HIGH and to the lowest level at LOW. At the end of the course of the period, the price will close at the CLOSE level. Because the close level is higher than the open level, the candle color will automatically be green. If the open level is higher than the close, then the color of the candle is red.
Well, the axis above will be referred to as the upper shadow, this is a trace of price’s journey to its highest level in that period. Meanwhile, the wick below the candle is referred to as the lower shadow, which is a trace of the price’s journey to the lowest level in that period!
Now, come on, Monic gives an example of how to read candlesticks!
Starting from the BTC/IDR chart which is located at the top left of the page, this chart means the Bitcoin chart against the Rupiah currency taken from the indodax.com website. Then, the number fifteen explains that from every fifteen minutes, each candlestick describes the price movement for fifteen minutes. As you can see, the last candlestick closed on the fifth of November at nine o’clock West Indonesia Time at a price of eight hundred eighty seven five hundred million Rupiah (887,500,000), as well as a green candlestick which means the candle is bullish or the close is greater than the open in the period that!
Well, how? Now you understand how to read candlesticks or advanced charts, right?
Don’t forget to like and comment below if you have any questions about this video, and don’t forget to share this video with other traders so they can learn how to read advanced charts too!
Thank you all for watching this video! I hope you continue to profit and see you in the next episode with even more interesting topics! Byeee!