Independent Researcher Reveals the Best Day to Buy Weekly Bottoms in Bitcoin [BTC]

By Nivesh Rustgi
Published January 3, 2020 Updated January 14, 2020
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Independent Researcher Reveals the Best Day to Buy Weekly Bottoms in Bitcoin [BTC]

By Nivesh Rustgi
Published January 3, 2020 Updated January 14, 2020

There are many factors that affect the price of Bitcoin alone and on particular days. Like the CME gap, which occurs due to the weekend price action in BTC price has been a characteristic feature of the asset.

Similarly, there are analogies with days of the week in relation to price action. As reported on CoinGape earlier, Mondays and Saturdays are the best days to engage in Bitcoin trading. This independent research by Joel attempts to find the direction to flow to make an informed trade.

Re-tweeting this independent research, SalsaTekila, a popular crypto trader noted,

If you know how math works, you know Friday is the most profitable day to go knife-catching a weekly bottom wick into support.

Quick Buy Backs by Bulls – Whipsaw!

During last year, Bitcoin witnessed a long periods of bearish downfalls in a structured descending channel. Moreover, what has kept the bulls interested is the quick reversal from bottoms.

In the last three times when Bitcoin dropped to swing lows, the falling knife soon turned into a whipsaw. It is describes as the price action moving in one direction but then quickly pivots to move in the opposite direction.

btcusd 4hour chart on bitstamp
BTC/USD 4-Hour Chart on Bitstamp (TradingView)

The marked regions in the chart indicate the quick reversal on a four hour chart. In 2019, Mondays and Wednesdays have been critical days to catch the knife into a whipsaw.

Nevertheless, according Joel, historically, on days when Bitcoin records a high on Monday, Thursdays and Fridays have seen swing lows before reversal.

best day of week
Bitcoin Day of Week Anlysis (Source)

More Useful in the Short-Term

While the above analysis and view has a high frequency of occurrence, their results are restricted in shorter time frames.

The CME close for the week is also due later today. Hence, even in case of strong positive action over the weekend, the traders will be apprehensive of the bullish gap filling next. Furthermore, the trend at large is more likely to control the price action.

Do you think Bitcoin will continue to record lows or find support above $6500? Please share your views with us. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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