Skill of reading charts that represent fluctuation of the Bitcoin price can make a fortune when buying Bitcoin on an online exchange. To become successful in understanding the data reflected on the bitcoin price live chart, there is no need to be a tech savvy geek. Simple logic and essential knowledge from high school are pretty enough.
Types of Charts
A chart is a graphical representation of information used to simplify large amount of data and relationships between its parts. Due to clear visualisation, getting info from a chart requires less time consumption than analysing raw data.
There are certain common chart, such as histograms, bar charts, pie charts and line charts. At the same time, there are field-specific charts used in certain spheres. Thus, candlestick charts are a type of a bar chart used to represent price movements over time. These charts are often used by Bitcoin exchanges to describe real-time Bitcoin price.
What is a Candlestick
When it comes to Bitcoin, candlesticks are the most popular method to represent Bitcoin market price activity. Each candle shows 4 certain price points for each time period, these are Open, Close, Low and High. If the candle is red, it means that the price in a period closed lower than it opened. If this happens, such an event is called bearish. On the contrary, if a candle is blue, then the price closed higher than it opened. That is called bullish. Height of the candle represents the range in a price that has occurred, or the difference between the high and low price. To make a Bitcoin market analysis, pay attention to the Bitcoin price live charts, as the candles form different shapes.
How to Read a Bitcoin Candlestick Chart
CEX.IO Bitcoin exchange uses a typical candlestick chart to represent real-time Bitcoin price. The y-axe shows Bitcoin price value, the x-axe represents a time range that can be easily adjusted to form different periods. A special bar on the right side of a chart shows the overall Bitcoin volume reflected on the candlesticks height.
The upper panel describes summarised trade statistics showing the last Bitcoin price, daily change, daily open price and volume for the last 24 hours.
Buying Bitcoin for USD and EUR
At CEX.IO, users are able to surf in different markets and get a detailed bitcoin price live chart for each of the market, be it USD, EUR, BTC or LTC market. List of all markets can be seen on the left side of a trade page.
When choosing a certain trading pair, for example, BTC/USD, the chart automatically adjusts to show relevant data. Clicking on different time ranges on the upper panel, a user can get a visual representation of the BTC/USD price fluctuation for one day, week or month. Considering historical data can help in making a decision to buy or sell Bitcoin. To start trading on CEX.IO, check out the Fund Account button placed in the upper right corner of a Bitcoin price live chart. In this case, you will be automatically redirected to the balance page, where you can fund account with Bitcoin, altcoins, or fiat money by making a bank transfer or using you debit or credit card. Once funds are credited to your account, you will be able to buy Bitcoin.