Crypto Analyst Predicts The Best Day of the Week to Trade Bitcoin [BTC]

Crypto Analyst Predicts The Best Day of the Week to Trade Bitcoin [BTC]

An analyst conducted a research on the best days of the week to trade Bitcoin (BTC) and crypto in general as the king dictates price moves of a number of cryptocurrencies. According to the post by Jan Santiment, a crypto trader, some days of the week hold greater trading value than others if you were to exclusively buy assets at the start of the day and sell at the end of the day. Monday and Saturday best days to trade crypto

Using the prices BTC as the proxy for the crypto market since 2017, the analysis finds the average log returns on the daily price of BTC across each day of the week, including weekends. Taking a look at the data, Monday and Saturday recorded the highest returns on a day to day basis with an average return of +0.69% and +0.5% respectively. Average log returns on BTC from January 2017 On the negative, Wednesday, Thursday and Sunday rank as the worst days to trade using the ‘day sensitive strategy’ for the past 2 years, averaging minute negative returns with Wednesday the worst of the three days. Day sensitive trading a better option than HODLing

According to the report, using the day sensitive strategy to trade on Mondays and Saturdays only would have yielded the trader 68% profit in the past two years compared to a 38% loss if you held BTC through the period. Backtesting BTC day trading strategy of Monday and Saturday (blue) and HODLing (orange) since […]