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BitcoinWisdom is one of the most widely used website for Bitcoin charts these days on internet, but you need to know what you’re looking at if you’re going to be able to make any sense of the lines, numbers and candlesticks. Here we are going to share the key things that you need to know if you’re going to be able to use these kinds of Bitcoin charts to your crypto advantage.
BitcoinWisdom Review
The essential aspect of the Bitcoin ecosystem has always seemed to be the price. It blinds people from noticing the true potential behind a distributed, global ledger. A majority of the most obstinate Bitcoin proponents cites that the price doesn’t matter to them. However, the truth is that it still makes sense to check in on it and be timely. BitcoinWisdom is one of the most commonly-used Bitcoin chart websites on the Internet at present is BitcoinWisdom. But you need to be aware what you’re looking at if you’re going to be able to make any sense of the lines, candlesticks, and numbers. Below are the chief things you need to understand when you use these kinds of Bitcoin charts to your advantage, while using BitcoinWisdom.
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BitcoinWisdom – The General Layout
The first thing you will likely see in BitcoinWisdom is the actual chart on the left part of the page, where the history of the bitcoin price is plotted. On the right, is the order book. The current price is portrayed in bold green or red numbers between the buy and sell orders. Additionally in BitcoinWisdom, you can also notice the price on other exchanges at the top of the page. Below the current order book there is a list of past orders, and you will see the trading volume to the left of those orders.
Understanding the Candlesticks
Reading the default graphs on BitcoinWisdom needs understanding of candlestick charts. Though they might look confusing at first, the concept is quite simple if you know the basics. The graph got its name from the fact that some of the data points appear like candlesticks. The most evident indicator on the chart should be the color of the candlestick. In case the price went down during the given period of time, you can read the candlestick. If the candlestick is green, it implies that the price rose during the time period.
Next in BitcoinWisdom, you can take a look at the 2 endpoints on the candlestick. The lines that will typically poke out of either end of either end of the real body or main bar on the candlestick are the high and low for trading during the window of time. The main bar of the candlestick symbolizes the prices at the opening and closing points of the section of time.
Note that the open and close indicators are reversed on green and red candlesticks. The top of the main bar indicates the open price on a red candlestick. The open price can be seen on the bottom of a green candlestick’s main bar. The lines that poke out of either end of the main bar are known as the upper and lower shadows.
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Two Other Lines
Additionally, you should also notice two lines on BitcoinWisdom charts. The lines symbolize the moving averages. This is a rather popular indicator in the technical analysis world. The 2 moving averages represented on the default BitcoinWisdom chart are 7 and 30 days. The blue one indicates the moving average over the past 7 days. Traders typically use these kinds of indicators to know which direction the market could be moving in over the near term. A crossover of the 2 lines typically indicates a change in market sentiment. Note that you can also alter the time interval for the chart. The different intervals can be seen right above the candlestick chart.
Making Your Own Adjustments on BitcoinWisdom
Once you understand the basics of the candlestick charts on BitcoinWisdom, you can open up the settings tab 0n BitcoinWisdom to see what other adjustments can be made. Traders frequently like to mess around with the settings related with the moving averages. You can alter the number of days involved with the moving averages for each line, and you can also alter from simple moving averages to exponential moving averages. You will find plenty of different settings to alter. Don’t hesitate to click around on BitcoinWisdom until you find something you like.
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