Monday Is the Best Day to Buy Bitcoin?

[dragonvslinux]

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.

[jhonjhon]

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.

[atjiat]

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.

[Baoo]

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 ).

[Tduty]

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.

[Silberman]

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

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.

[HammaSan]

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.

[dragonvslinux]

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):

[Myfe]

I think you got this wrong. If the highest return is on a Monday then you'll buy at the highest price on a Monday. You need to buy on a Wednesday, when the price tends to fall...then you'll lock in the best price and stand a better chance of realizing positive investment gains.

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.

Why would people cash out their bitcoin on a Sunday? Why would it matter that Sunday is a day of rest for most people? I'm not following your logic.

[YuginKadoya]

I highly doubt that this is just a coincidence that there are many buyers on Monday, I surely bought my Bitcoin in every day I can and had a spare amount of money but I can come out profitable with it, I really think that it is because it is Bitcoin that is why it still becomes profitable, and Monday is sure an elaborate day maybe whales are buying more that is why it tends to have a much more mass than other days of the week, there are no such reports of expect holders, Analysers, and investors that Monday is such a great day in buying Bitcoin but I just think all of it is just coincidence.

[KennyR]

I think you got this wrong. If the highest return is on a Monday then you'll buy at the highest price on a Monday. You need to buy on a Wednesday, when the price tends to fall...then you'll lock in the best price and stand a better chance of realizing positive investment gains.

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.

Why would people cash out their bitcoin on a Sunday? Why would it matter that Sunday is a day of rest for most people? I'm not following your logic.

With bitcoin and other cryptocurrencies the trend will change in no time. We can't experience the same pattern of market movements every week. Most of the time we can experience the price to increase at the weekends than during the start of the weeks. This can be understood if we go through and collect data regarding the growth that has happened over the period of time.

[Blackdeath]

I think you got this wrong. If the highest return is on a Monday then you'll buy at the highest price on a Monday. You need to buy on a Wednesday, when the price tends to fall...then you'll lock in the best price and stand a better chance of realizing positive investment gains.

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.

Why would people cash out their bitcoin on a Sunday? Why would it matter that Sunday is a day of rest for most people? I'm not following your logic.

With bitcoin and other cryptocurrencies the trend will change in no time. We can't experience the same pattern of market movements every week. Most of the time we can experience the price to increase at the weekends than during the start of the weeks. This can be understood if we go through and collect data regarding the growth that has happened over the period of time.

Indeed. We can't really experience the same pattern of the market movements every week perhaps because of the law of supply and demand that there are no specific day when will crypto users sell and buy bitcoin. I think it is just a coincidence that every monday the price of bitcoin is low.

[jostorres]

I think you got this wrong. If the highest return is on a Monday then you'll buy at the highest price on a Monday. You need to buy on a Wednesday, when the price tends to fall...then you'll lock in the best price and stand a better chance of realizing positive investment gains.

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.

Why would people cash out their bitcoin on a Sunday? Why would it matter that Sunday is a day of rest for most people? I'm not following your logic.

With bitcoin and other cryptocurrencies the trend will change in no time. We can't experience the same pattern of market movements every week. Most of the time we can experience the price to increase at the weekends than during the start of the weeks. This can be understood if we go through and collect data regarding the growth that has happened over the period of time.

In forex markets we can see same price movements on the weekends or any such specific days of the week because of the regulation of the stock markets. Also stock markets are not open 24 hours similar to the cryptocurrency markets which makes understanding stock markets a bit easier as compared to the cryptocurrency markets.

This would be the case as OP said in the stock markets as most of the brokers or stock traders might get back to the charts on Monday after their day-off on Sunday which might derive the price on peak but in terms of cryptocurrency we might not see the same repeated patterns each week because cryptocurrencies have no restrictions on the trade. We can almost trade anytime anywhere so weekends might also not affect the price for any of the cryptocurrency.

[FanEagle]

Most of the people plan vacations or take a break on Saturday and Sunday which makes them spend their time with their family. This would lead to minimum volume on the weekends and hence on Monday when most of the people get back to work, they continue buying coins for short or midterm trading which keeps Monday on the peak of the graphs you mentioned above.

Monday is a working day after 2 days of holidays and many people might find benefits in trading from Saturday to Monday. This might be their interval for short or midterm trading as selling on Saturday when the price dumps and buying back on Monday once the price gets back to normal.

[fullhdpixel]

It is easy to assume these things but in reality we really can't talk about when is the best day to buy since there are so many movements in bitcoin that happens to hit on the weird days that we least expect.

Now, if we are talking about a regular week that nothing special happens and the price is always around the same, the best day to buy is certainly either early Saturday or even late Friday (exception could be made for very very early Monday), because in reality people do cash out before going to weekend and spend that money if they want to, or basically want that money on their bank accounts, many banks don't work on weekends so they have to withdraw on Friday at the latest, buying at late Friday or early Saturday means you will get it cheap and selling on Tuesday or Wednesday would mean selling at top. This only works on boring weeks tho.

[FIFA worldcup]

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

What are your thoughts about this?

Not necessary. Monday is the start of the week and you will see some quick buying but that does not mean that the rest of the week is not good for buying. Actually, bitcoin does not depend on any week day and more importantly follow the trends or whales manipulation.

[criza]

I don't believe that monday is the best day to buy bitcoin because, bitcoin's price could change anytime in the morning or evening. Prediction for when it is more profitable to buy Bitcoin can't be fixed in a specific day. I see no relation between the day it is better to buy Bitcoin and the Bitcoin market itself, we cannot really tell when it is good to buy Bitcoin because, if it is true we are all already rich.

[buwaytress]

Don't know about the Mondays. The guys who wrote that piece looked at some market data for sure, but until you actually buy bitcoin, you don't know the price you're getting and at what volume. Anyone who's tried to buy other than from an exchange (where there's a bad price anyway) knows this.

Also, their calculations look at 1% or so profits on some days but add in spreads, fees, etc and you're needing to trade more than 2% to turn profits.

Timing's a fantasy, really.

[milewilda]

Don't know about the Mondays. The guys who wrote that piece looked at some market data for sure, but until you actually buy bitcoin, you don't know the price you're getting and at what volume. Anyone who's tried to buy other than from an exchange (where there's a bad price anyway) knows this.

Also, their calculations look at 1% or so profits on some days but add in spreads, fees, etc and you're needing to trade more than 2% to turn profits.

Timing's a fantasy, really.

Timing is indeed crucial and i agree to the point of that 2% would be needed to cover up some factors that affects profitability.

I dont also believe on Mondays yet i highly believe that each day of the week would be possibly a sweet spot for you to buy Btc.
Well, we do have our own patterns and beliefs on when to buy but this one wont really be that a serious thing.

[Yamifoud]

I'd never track Bitcoin price daily and maybe the reason why I'd never notice that Monday is the best spot to buy Bitcoin. Maybe it can be right or wrong. Because every time I check on the market, I will always look into the price, not the day. And for me, it doesn't matter what day it belongs as long as the market price is low and I am comfortably buying it, I'll make it.

Anyway, it maybe has noticed it and maybe the others also...making that way to check how that Monday consistently showing a dump scenario or it is just the moment when OP check it while the market is low.