Bitcoin, Opinion

Buy your Bitcoins on ‘Fridays’

A new Longhash study has widely analyzed data on buying and selling Bitcoin over two years.

The conclusion is very surprising

The research examined the average weekly market cycle to find the week’s best day to buy and sell.

Longhash has been examining Bitcoin’s hourly price data over two years, getting some exciting patterns in price increases and trading volume. CryptoDataDownload provided their data for the study.

The analysis and method aimed at finding an average price for Open, Close, High, and Low for every hour of every week. For instance, they took a high price every Monday at 6 a.m. and reached an average price.

For two years, the experts did this every hour of every day of the week.

Through this, the researchers discovered that the lowest average price for Bitcoin is on Fridays at 6 a.m. UTC. This indicates that, on average, this is the best time to take a long trade position.

As you may already know, the BTC market is very volatile and doesn’t always match an overall average, so no one should take this study’s results in the literal sense. It is not investment advice; it is just a market analysis.

The experts also found that the Bitcoin price on Mondays and Tuesdays at midnight UTC is an average of $ 170 higher than on Fridays.

This reveals that Monday or Tuesday is statistically the most desirable time to pay off a Friday long position or take a short place – and payout the following Friday when the price is statistically lower.

The experts theorize that due to Monday / Tuesday / midnight UTC, numerous active traders may be online at this time due to time zone overlaps. Asian, European, and American traders – all are active at this time.

The experts address that the trading volume is not exceptionally high during this time, so it does not correspond exactly. The study finds a relationship with lower Friday prices, but the lower trading volume gives credibility to its results for lower prices.

Mondays could indicate higher price points as institutional investors take positions at the start of the week. Many OTC desks do their best to make large buy and sell orders invisible to small investors to prevent front running.

This would also reveal the lower prices on Friday night as traders cash out their positions on Monday / Tuesday for the week.

As a disclaimer, this is also pure speculation.

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