Truth be told, it is nearly impossible to be accurate about where the crypto market is headed in the coming months. Experts say it depends on the day of the week when to buy and sell bitcoin.
What is the best way to trade cryptocurrencies?
Analysts observed a pattern of Bitcoin’s value creation in the past two years by studying Bitcoin price movements with an accuracy of one hour. In accordance with the information obtained, the ideal entry and exit points were determined according to the days and hours of the week.
According to the study, the experts calculated the current BTC price for every Monday at the same time of night to determine the average Bitcoin price at 1:00 on Monday. For the analysis, the data were collected from February 6, 2018, to February 6, 2020.
Since the experts analyzed the “modern stage” of cryptocurrency development, they did not consider Bitcoin’s entire history, resulting in the exact number of repetitions of every hour and every day over the course of two years. BTC’s sharp ups and downs would have further distorted the data if it were analyzed in its entirety.
This chart shows the average opening, closing, and high and low prices for each hour daily. If you require a large number of bitcoins, an OTC desk may be beneficial.
Daily and hourly average Bitcoin exchange rates.
It has been observed over the past two years that Bitcoin’s price typically falls to its lowest point around 6 a.m. UTC on Friday. There was a local low in cryptocurrency prices last Thursday and Friday, making these days excellent times to purchase cryptocurrencies. In the best-case scenario, you should sell Bitcoin between Monday and Tuesday morning.
According to the daily charts, Monday and Tuesday’s opening prices for cryptocurrency were approximately $170 higher than those on Thursday and Friday.
It is important to remember that even though the history of the cryptocurrency is displayed, it should not be used solely to make predictions. Nobody can foretell what will occur in the future. Technical charts and indicators can improve your trading strategy, and some of these methods may not be feasible in some cases.
Initially, experts attributed BTC’s growth to the fact that Monday evening UTC is the same as Monday morning in China. However, this theory could not be confirmed by analyzing hourly price movements.
According to various sources, Friday’s drop in Bitcoin was caused by “fatigue” among Europeans and Americans at the end of the week.
Ultimately, it is all about purchasing cryptocurrencies at the right time rather than according to a specific schedule. It is often a good idea for traders to buy at a low price and sell at a high price. Even so, many crypto enthusiasts cannot identify an appropriate entry point, which may result in the loss of funds for risk-averse investors. In light of this, this study is unlikely to impact significantly.
At what time of day are bitcoins best bought and sold?
The volatility of Bitcoin makes it possible to earn a large amount of money very quickly. According to experienced analysts, trading is best between midnight and 1 p.m. during the UTC zone. During this time, you are advised to open intraday transactions.
Are early risers at an advantage?
The volatility of Bitcoin can spike sharply in specific periods, which is an exciting trend in the trading world. Generally speaking, digital assets’ prices move fastest in the morning and during the first half of the day.
The most active period of trading occurs between 19 and 20 U.S. time. During this hour, many lows and highs were registered regarding cryptocurrency values. This is because North America begins its evenings during this period, and Asia begins its working days during this time.
Investors from the United States and Canada have just returned from vacation and are preparing to open trades as soon as they arrive home. The professional trader is also placing orders on the Asian exchanges simultaneously.
As per expert recommendations, trading strategies should not be solely based on analysis. Opening a deal during an active trading period is guaranteed to result in a profit. Since the bitcoin market remains highly volatile, operating your crypto ATM business may be less risky.