Anyone involved with bitcoin or cryptocurrencies needs to know at which rates are good to buy or sell in the future. Others like to trade the markets and speculate with the potential of making a profit. Either way, candlesticks and the Fibonacci sequence can be used to improve your profitability when trading the markets or when making a purchase with bitcoin.
Candlesticks serve as an important way to track the market’s behaviour and possible future direction. Introduced from Japan, Western traders used to only use bar charts and point and figure charts for trading commodities and stocks. Candlesticks provide a more powerful analysis as they reveal more information from the market. The open and close of the candlestick represent the ‘body’ while the highs and lows are represented by ‘wicks’.