Drawing Candlesticks Cryptocurrency Charts in MetaTrader 4

The fourth option on the MT4 charts menu is the candlesticks button - used to select the chart to trade with as candlesticks.

To trade with these candlesticks, the above buttons shows where a bitcoin trader should select the button do choose this option.

These are drawn using also color coding:

Red - Bitcoin Price went down

Blue - Bitcoin Price went up

This chart type is also preferred by many traders because they are more appealing for technical analysis and easier to trade with. A lot of information can be analyzed from these charts.

These will show the Opening, High, Low, Closing btcusd price of a particular time period. This is abbreviated OHCL.

The body of the candlesticks will show cryptocurrency price movement that was within the opening and closing btcusd price of a particular trading period - it is also used to determine a lot of information. For example in the above chart the long blue body meant there were a lot of buyers and therefore the btcusd price movement was likely to continue in the upwards bullish bitcoin trend direction.

The upper and lower shadow, the wicks of the candlestick will show the highest point and the lowest point that the btcusd price reached.

Japanese Candlesticks Tutorials

The Japanese patterns tutorials can be used to learn how to determine cryptocurrency trend reversal signals or bitcoin trend continuation signals from the different patterns and formations.

To learn and know more about the various bitcoin trading strategies for trading these patterns, a bitcoin trader can read these tutorials:

Japanese Candlesticks Tutorial

Marubozu and Doji

Spinning Tops

Reversal Patterns

Inverted Hammer Bitcoin Candlestick Pattern and Shooting Star Bitcoin Candlestick Pattern

Piercing Line Bitcoin Candlestick Pattern and Dark Cloud Cover Bitcoin Candlestick Pattern

Morning Star Candlesticks and Evening Star Candlesticks