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What day of the week is best for trading Bitcoin

Jul 19, 2019 Forex News

Intraday cryptocurrency trading differs significantly from intraday forex trading. Unlike forex, cryptocurrencies are traded for 24 hours and seven days a week. However, Longhash analysts compared the data of the Coinbase exchange over the past two years and tried to find out on which day of the week it is best to trade Bitcoin.

Analysts analyzed all the highs and lows on the hourly Bitcoin chart for each day in two years. Then they compared each hour with the other 23 hours of each day. The diagram below shows the number of highs and lows of each hour over two years.

The diagram shows that the first two hours of the new day UTC (03: 00-04: 00 MSK) are the most volatile for Bitcoin. In particular, at 04:00 Moscow time, more daily highs and lows were observed than at any other time. This time coincides with the evening in North America and the beginning of a new working day in Asia. That is, there is an intersection of "trading sessions." Asian traders learn the news that happened overnight and react to it. And American traders are already reacting to the reaction of Asian traders.

However, the most volatile time is not the best time to trade Bitcoins. Analysts failed to identify when it is best to trade in Bitcoin. Within two years, it was easier to reach a minimum than a maximum. This can be attributed to the long-term bearish trend that we have observed over the past two years.

From this we can conclude that there are no better hours or days for trading Bitcoin, there are periods in the market for trading.