Should you buy Bitcoin on Friday and sell on Monday?

Should you buy bitcoin on Friday and sell on Monday?

A recent general study analyzed Bitcoin buy and sell (BTC) data over two years. The findings were shown to be quite surprising. The study looked at the weekly average market cycle to find the best day of the week to buy and sell BTC.

What findings did the researchers find?

Research of Longhash looked at the hourly data of Bitcoin prices over a two-year period and found some very interesting patterns related to price action and trading volume. Data for their research is provided by CryptoDataDownload.

The method of the study was to find the average price for open, close, high and low for each hour per week. So, for example, they take high prices every Monday at 6 am and find the average rate to go to an average price. They did this for every hour of every day of the week for a period of two years. That takes a lot of work!

Average BTC price by day of the week and time of day, from February 2018 to February 2020. Source: Longhash
Average BTC price by day of the week and time of day, from February 2018 to February 2020. Source: Longhash

The researchers found that the lowest average price for Bitcoin was at 6 am UTC (13:00 Vietnamese time) on Friday. This means that based on average, this is the best time to have a position, in a Long trade.

Obviously, the BTC market is very volatile and may not always fit the overall average, so don't take these findings as always true. It is not investment advice, it is simply a market analysis.

The researchers also found that based on average, Monday and Tuesday around midnight UTC, the average price of Bitcoin is $ 170 higher than Friday.

This means Monday or Tuesday is statistically the best time to withdraw money from your Long position on Friday or place a short position to withdraw money on the following Friday when the price is lower in terms of statistical.

Why is the Bitcoin market so volatile?

To be frank, no one really knows what the market is, although the researchers have speculated that because of the Monday / Tuesday UTC midnight, it could be due to the anti-cross zone, so traders More positive are online at the moment. Traders in Europe, Asia and the United States are active at this time.

The researchers noted that the trading volume was not much higher during this time, and it did not correlate correctly. The researchers pointed out a correlation with lower prices on Friday, with lower transaction volumes, however, lending credit for their findings for lower prices.

Monday may reflect higher price points held by institutional investors at the beginning of the week. Many OTC tables are operating at full capacity to execute large purchase orders and sell intangible orders to the retail transaction market to prevent a pre-run.

That will also support lower prices on Friday nights when traders withdraw money during the week for the positions they assume on Monday / Tuesday. Of course this is just speculation.

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According to Bitcoinist
Translated by ToiYeuBitcoin


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