Monday Is the Best Day to Buy Bitcoin? - page 2.

dragonvslinux

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Quote from: HammaSan on January 28, 2020, 03:03:49 PM

A chart, shared by analyst Willy Woo, records the best windows of opportunity for purchase. Using an indicator called ribbon difficulty “ribbon difficulty”, he was able to predict the best buying moments in the past ten years.

FYI there is also a "Hash Ribbons" indicator on tradingview from Charles Edwards that has provided incredibly buy signals in the past 9 years (most notably recently at $7235):

Quote from: dragonvslinux on November 28, 2019, 06:20:21 AM

Quote from: Charles Edwards - Hash Ribbons & Bitcoin Bottoms

HammaSan

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Some people think it's Monday, others think it can be Monday and Friday. But I think the best thing is not to think about a specific day, the ideal is to think about the best time to buy Bitcoin.
Looking at a long-term Bitcoin graph we will see that the so-called volatility of cryptocurrency is actually opportunities to buy Bitcoin with a long-term view.
A chart, shared by analyst Willy Woo, records the best windows of opportunity for purchase. Using an indicator called ribbon difficulty “ribbon difficulty”, he was able to predict the best buying moments in the past ten years.

What is the ideal time to buy?
Following Willy Woo's technique, the ideal time to buy Bitcoin is when the lines come together (it gets too thin) or when the thickest and darkest line crosses the weakest lines) as shown below.

Above it is possible to see that the Bitcoin indicator managed to accurately predict in early 2019 the best time to start accumulating Bitcoin, since the indication of purchase, there was a 200% appreciation in the price of the cryptocurrency.

Silberman

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Quote from: Asuspawer09 on January 20, 2020, 12:16:25 PM

Monday is the best day for you to buy your bitcoin? Huh

Quote from: Asuspawer09 on January 19, 2020, 01:29:59 AM

snip

Source:
https://cointelegraph.com/news/new-analysis-finds-that-mondays-are-the-best-days-to-buy-bitcoin
https://www.cryptoglobe.com/latest/2019/11/monday-is-the-best-day-to-buy-bitcoin-data-shows/

In the graph, we could easily see and conclude that Mondays are the top average return of all days in a week. Also, we could see that Wednesday and Thursday that has average return of -0.09% and -0.23%.

In my opinion, I think for long term investment these days doesn't really matter anymore as long as we do buy low and sell high in the market, but I do believe that this analysis is on point in weekly investment or short term investment.

What are your thoughts about this?

While interesting that does not really tell us anything useful, just because that has been true that does not mean that you need to change your pattern as a trader or as an investor, it could have been easily found that instead of Monday the best day to buy bitcoin was Sunday, my point is that since the demand is uneven there was bound to be a day in which you could get slightly better results just by chance and as such this is not important at all and you must keep trading as usual and make no adjustment to your strategy.

Tduty

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Yes, you are absolutely right. Though I did not follow the price chart but about one year ago I noticed that every Sunday Bitcoin price starts decreasing and Monday it goes low about 200-500 USD at least, and on Wednesday to Friday Bitcoin's price grows again. Maybe it's because Sunday is a holiday in most of the country, so people cash out crypto money on Sunday and that impact on Bitcoin price on Monday, so, when the price is low, that's the buying time without any doubt.

Baoo

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Well, I don't focus on these statistics or graphs to be honest but thanks for this effort OP. Plus, from my own experience, the appropriate opportunities for buying would happen in any weekday. And believe me the coincidence always occurs especially in this field, we have seen a lot of surprises.
Furthermore, day trading is not always profitable IMO , we barely see unexpected pump or dump in every day especially from the best cryptocurrencies in the market ( TOP 10 ).

atjiat

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Quote from: dragonvslinux on January 26, 2020, 07:19:11 AM

Nice charts, thanks for sharing. I currently DCA on Tuesdays, mainly to avoid Sunday/Monday end/start of week volatility, but maybe I should be dca-ing on Mondays instead. If anything, looks like Tuesday would be the worst day, if on average Wednesday is the selling day of the week. I'd be interested to see if there is more recent data collated from the past few years, like 2015/2016, as opposed to all data since 2013. Either way, it looks like Mondays is either popular as it's after the weekly close (confirms bullish/bearish bias), or because it's the day that most people dollar cost average. Hard to tell.

The fact is that this information is really very interesting, but in my opinion it should be of an informational nature only, so that cryptocurrency users take this information into account, and not as a rule for further actions.

jhonjhon

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Quote from: alisonwonder on January 26, 2020, 07:00:39 AM

Quote from: hendra147 on January 24, 2020, 01:07:00 PM

That's a truely great information, i think monday is the best of all days to trader, in Forex marketplace its a first day to start trading, and im sure some forex trader doing buy bitcoin too in monday, so the volue in monday will be highest than other, or someone want to buy bitcoin in sunday but the bank deposit system already closed, so they waiting untull monday to deposit and buy bitcoin.

I think after the weekend they will be back active in trading on Monday, so people think Monday is when people start trading like most people who start actively working on Monday. but as far as I see this month on Monday does not indicate a good day to buy, even we can see tomorrow on monday whether it will be a good day to buy or not

Well, it does make a sense because most people rest on weekends and some wanted to spend the weekends out of town with their families and they will be active again on Mondays however, I don't think it is always the case. Well it is evident in the chart the movements on Monday but sometimes Mondays are not a good way to buy bitcoin but maybe i'll have to go through it again and monitor how Mondays performance be like just to be sure.

dragonvslinux

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Nice charts, thanks for sharing. I currently DCA on Tuesdays, mainly to avoid Sunday/Monday end/start of week volatility, but maybe I should be dca-ing on Mondays instead. If anything, looks like Tuesday would be the worst day, if on average Wednesday is the selling day of the week. I'd be interested to see if there is more recent data collated from the past few years, like 2015/2016, as opposed to all data since 2013. Either way, it looks like Mondays is either popular as it's after the weekly close (confirms bullish/bearish bias), or because it's the day that most people dollar cost average. Hard to tell.

alisonwonder

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Quote from: hendra147 on January 24, 2020, 01:07:00 PM

That's a truely great information, i think monday is the best of all days to trader, in Forex marketplace its a first day to start trading, and im sure some forex trader doing buy bitcoin too in monday, so the volue in monday will be highest than other, or someone want to buy bitcoin in sunday but the bank deposit system already closed, so they waiting untull monday to deposit and buy bitcoin.

I think after the weekend they will be back active in trading on Monday, so people think Monday is when people start trading like most people who start actively working on Monday. but as far as I see this month on Monday does not indicate a good day to buy, even we can see tomorrow on monday whether it will be a good day to buy or not

Bitcoinislife09

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I think this statistics make sense when you study the market price you could easily see the movement and a lot of times this could be accurate in a weekly investment.

But I don't this could always be accurate since there is a lot of movement in the market price of bitcoin for sure it is not always a good time to invest, Most of the time in weekly investment this could work but in long term investment this is not going to work since it depends in the dumps and pump in the market for sure it is not a good time to invest in bitcoin when you study the price and see it has the highest price of all time.

Still, this could make sense if you study the movement of the bitcoin market in a weekly basis.

stomachgrowls

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Quote from: Swordsoffreedom on January 24, 2020, 10:57:18 AM

Quote from: Hamphser on January 23, 2020, 10:13:37 AM

Quote from: andycarrol on January 23, 2020, 10:06:17 AM

Quote from: ?? on ??

Quote from: Cacingkemi on January 23, 2020, 09:15:19 AM

I don't fully believe that Monday is a good day to buy bitcoin because I don't think that weekly analysis will always be right. there is no right day or even the right month to be sure to buy at a low price at a certain time because basically the price movement of the bitcoin market cannot be controlled even it is certain when it will go up or down

I don't believe with Monday is the best time to buy bitcoin because almost one week become good moment and day for investing with bitcoin, just I think at the early morning is the most wonderful time for buying bitcoin, when I wake up always bitcoin have been raise to higher price and many time I got bitcoin back to higher price at the early morning time.

yes bitcoin movement is not based on a particular day, it moves in terms of market factors that are happening. but it might be a coincidence on Monday the price declined. but the traders usually have a certain day, when the market moves quite crowded on Saturdays and Sundays because most people off work and try to trade.

Forex traders believe that Monday is the best day to buy but i don't think it would be applied in crypto specially in bitcoin because traders would just buy or sell depending on the current price of the market. There's no specific date on when to buy or the best day to buy or sell.

With Forex the reason is obvious - the market is closed during weekend and it opens Monday morning. With bitcoin it's different because market is open to trade 24/7. Although there is one explanation why Mondays are the most positive statistically. Because during the weekend you cannot top up your exchange account with fresh fiat so people are mostly selling bitcoin. If they sent deposit of fiat on Thursdays, Friday or they decided to buy more bitcoin during the weekend, the money will most likely arrive on Monday. That is why there is more demand on Monday compared to other days.

I might incorporate this information into my trading strategy so that I will try not to sell during weekend, but I will wait till Monday afternoon when price will be a bit higher most of the weeks.

Valid points but doesnt mean that this would precise yet come to think that it isnt always to be on this kind of situation where prices
do shoots up on a particular day of the week.I agree on what hamphser said that its applicable on Forex but not to this crypto market
which this place is always been unpredictable.When we do talk buying or best day to get in then it will be a matter of choice on your side.

oktana

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Quote from: hendra147 on January 24, 2020, 01:07:00 PM

That's a truely great information, i think monday is the best of all days to trader, in Forex marketplace its a first day to start trading, and im sure some forex trader doing buy bitcoin too in monday, so the volue in monday will be highest than other, or someone want to buy bitcoin in sunday but the bank deposit system already closed, so they waiting untull monday to deposit and buy bitcoin.

I think this condition applies to most traders who are comfortable with forex and bitcoin at the same time, they stick to the closing weekly chart.

but there are differences several times when bitcoin accumulation increases, many traders don't seem to want to lose momentum in their open positions, maybe some people like to use stop limit and sign out, but there are also those who choose to keep actively analyzing the developing situation.

hendra147

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That's a truely great information, i think monday is the best of all days to trader, in Forex marketplace its a first day to start trading, and im sure some forex trader doing buy bitcoin too in monday, so the volue in monday will be highest than other, or someone want to buy bitcoin in sunday but the bank deposit system already closed, so they waiting untull monday to deposit and buy bitcoin.

Shaileshmrvadiya

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The market has no idea when to go up, when to go down, good news is done, you go and bad news comes, if it goes down, nothing is said right now. But for those holding for a long time it will be a good thing because the halwing of bitcoin is coming in 2020, so therefore bitcoin is quite good. But it makes sense to bike at the right time and at the right time. Sunday or Monday, but remember that even when BTC is in the dump, it is going to give you a very good benefit by going ahead and start bying it little by little.

johnwest

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More than coincidence I think it might be the weekly closing of BTC and gaining more once it is closed. I think the weekends are the best days to buy bitcoin if you study that chart completely because that is when people might be more concentrated on trading and invest more. Personally, I dont feel this might be useful for a trader to invest in any way and just a display of data.

Swordsoffreedom

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Quote from: Hamphser on January 23, 2020, 10:13:37 AM

Quote from: andycarrol on January 23, 2020, 10:06:17 AM

Quote from: ?? on ??

Quote from: Cacingkemi on January 23, 2020, 09:15:19 AM

I don't fully believe that Monday is a good day to buy bitcoin because I don't think that weekly analysis will always be right. there is no right day or even the right month to be sure to buy at a low price at a certain time because basically the price movement of the bitcoin market cannot be controlled even it is certain when it will go up or down

I don't believe with Monday is the best time to buy bitcoin because almost one week become good moment and day for investing with bitcoin, just I think at the early morning is the most wonderful time for buying bitcoin, when I wake up always bitcoin have been raise to higher price and many time I got bitcoin back to higher price at the early morning time.

yes bitcoin movement is not based on a particular day, it moves in terms of market factors that are happening. but it might be a coincidence on Monday the price declined. but the traders usually have a certain day, when the market moves quite crowded on Saturdays and Sundays because most people off work and try to trade.

Forex traders believe that Monday is the best day to buy but i don't think it would be applied in crypto specially in bitcoin because traders would just buy or sell depending on the current price of the market. There's no specific date on when to buy or the best day to buy or sell.

With Forex the reason is obvious - the market is closed during weekend and it opens Monday morning. With bitcoin it's different because market is open to trade 24/7. Although there is one explanation why Mondays are the most positive statistically. Because during the weekend you cannot top up your exchange account with fresh fiat so people are mostly selling bitcoin. If they sent deposit of fiat on Thursdays, Friday or they decided to buy more bitcoin during the weekend, the money will most likely arrive on Monday. That is why there is more demand on Monday compared to other days.

I might incorporate this information into my trading strategy so that I will try not to sell during weekend, but I will wait till Monday afternoon when price will be a bit higher most of the weeks.

kapalmabur

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Quote from: mahilchii on January 24, 2020, 01:05:12 AM

This looks so funny, lookalike you believe in astrology Cheesy

just kidding mate. See the market works only when the trader is authorised to change his coins not like Monday or any other day, it's some other traders who made it like a belief. When BTC price goes down then we have to take advantage of that and invest immediately that's it keep it simple mate no one can exactly predict what will happen in upcoming days.

if his trust is like that, then let it go, he is not wrong, indeed the market situation on weekends always looks bad, many sellers, but the market situation cannot be determined by the day.

mahilchii

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This looks so funny, lookalike you believe in astrology Cheesy

just kidding mate. See the market works only when the trader is authorised to change his coins not like Monday or any other day, it's some other traders who made it like a belief. When BTC price goes down then we have to take advantage of that and invest immediately that's it keep it simple mate no one can exactly predict what will happen in upcoming days.

andycarrol

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Quote from: Distinctin on January 23, 2020, 10:16:10 AM

Quote from: andycarrol on January 23, 2020, 10:06:17 AM

Quote from: ?? on ??

Quote from: Cacingkemi on January 23, 2020, 09:15:19 AM

I don't fully believe that Monday is a good day to buy bitcoin because I don't think that weekly analysis will always be right. there is no right day or even the right month to be sure to buy at a low price at a certain time because basically the price movement of the bitcoin market cannot be controlled even it is certain when it will go up or down

I don't believe with Monday is the best time to buy bitcoin because almost one week become good moment and day for investing with bitcoin, just I think at the early morning is the most wonderful time for buying bitcoin, when I wake up always bitcoin have been raise to higher price and many time I got bitcoin back to higher price at the early morning time.

yes bitcoin movement is not based on a particular day, it moves in terms of market factors that are happening. but it might be a coincidence on Monday the price declined. but the traders usually have a certain day, when the market moves quite crowded on Saturdays and Sundays because most people off work and try to trade.

But Maybe OP has noticed it and we're not...OP already shows something like proof. Maybe he never intends to encourage people and gives him appreciations in return but who knows he is right and we are blinded enough to see because we are busy with many things.
All I can say, why not giving is a chance and also observe the market behavior every Monday and for us to put the conclusion on either he's right or wrong.

why bother with observing the market? you only need to look at the chart how the market moves every Monday, as far as I see Monday there was a decline on 20th and it is good if we buy at that time because after that the price increased to 8800. but other Mondays normal and even stable movements. I have said maybe it was just a coincidence.

Distinctin

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Quote from: andycarrol on January 23, 2020, 10:06:17 AM

Quote from: ?? on ??

Quote from: Cacingkemi on January 23, 2020, 09:15:19 AM

I don't fully believe that Monday is a good day to buy bitcoin because I don't think that weekly analysis will always be right. there is no right day or even the right month to be sure to buy at a low price at a certain time because basically the price movement of the bitcoin market cannot be controlled even it is certain when it will go up or down

I don't believe with Monday is the best time to buy bitcoin because almost one week become good moment and day for investing with bitcoin, just I think at the early morning is the most wonderful time for buying bitcoin, when I wake up always bitcoin have been raise to higher price and many time I got bitcoin back to higher price at the early morning time.

yes bitcoin movement is not based on a particular day, it moves in terms of market factors that are happening. but it might be a coincidence on Monday the price declined. but the traders usually have a certain day, when the market moves quite crowded on Saturdays and Sundays because most people off work and try to trade.

But Maybe OP has noticed it and we're not...OP already shows something like proof. Maybe he never intends to encourage people and gives him appreciations in return but who knows he is right and we are blinded enough to see because we are busy with many things.
All I can say, why not giving is a chance and also observe the market behavior every Monday and for us to put the conclusion on either he's right or wrong.

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