Candlestick charts are favored by crypto traders due to their visual appeal and simple to understand nature. Their history lies in the Japanese rice trading and the system has been updated and utilized throughout the years, becoming the most popular method of charting assets.
They are called candlesticks because of their rectangular shape and long lines (wicks) formed by price action during a certain time period. Candlesticks can also give clues to price action and the mood of the market towards an asset. Over time, multiple candlesticks form patterns that give traders signals that help bulls and bears make trading decisions.