The 1hr, or 1 hour, represents data collected over 1 hour plotted as a single data point.
In crypto trading, and charting specifically, 1 hour is a common time frame used by traders to review a digital asset’s price movements plotted in 60-minute intervals over some specific time period.
Each bar, candle, or column would represent price action for a specific 1 hour.
If we were to look at a single day on a chart for example, which is made up of 24 hours, we would see 24 bars or candles plotted on that chart.
The 1-hour time frame tends to move quicker than higher time frames like the 4 hour or the daily, so decision-making will have to be done much faster.
Additionally, trading on the 1 hour will mean you make and lose money several times throughout the day, which can be very difficult to handle, especially as a new trader.
You need time to formulate your strategy, even while in an active trade.
A faster pace time frame, like the 1 hour, may work against you by not giving you enough time to analyze what’s going on and make changes accordingly.