Cryptocurrency trading Can look like wilderness, far west, and in some respects, this is the case. But it is now long enough that we have historical data at the moment when the best time is – and is not – to make crypto professions.
Here is what you need to know about the best and the worst days of the week exchange a cryptocurrency.
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According to the Company financing instituteThe best time of the week to buy cryptocurrency is Monday. Prices tend to start low on Monday and increase over the week. Crypto can be exchanged 24/7, but more people tend to buy and sell during working hours. The market slows down at night and weekend. Thus, a Monday after a slow weekend can be the best time to buy.
Note that this analysis refers to the purchase of cryptocurrency, not to exchange. When you exchange, you buy and sell at the same time. According to SgtYou want to exchange crypto when the trading volume is high. When trading is active, you have more volatility and higher liquidity, which can be an advantage when you buy and sell at the same time.
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The SGT recommends synchronizing your professions to coincide with the opening hours of the main global financial centers. The opening of Asian markets occurs between 12:00 p.m. and 7 a.m. UTC (universal time coordinated). European markets are in session from 8:00 a.m. to 4:00 p.m. UTC and the American market is open from 1:00 p.m. to 9:00 p.m. UTC. (Note that the UTC is five hours earlier than the Eastern East of the United States, so the American market is open from 9:00 a.m. to 4:00 p.m.)
If you exchange Asian or European currencies, you may want Make your professions During the time, these markets are open. If you exchange currencies of different geographic areas, look for the period when the markets overlap to find the highest hours in volume.
The SGT also recommends negotiating in the middle of the week. The consensus seems to be that traders accelerate Monday and end on Friday, from Tuesday to Thursday the days that see the greatest commercial activity.
The day of the week and the time of the day you exchange may matter, but there are other factors that can also influence the best moments to exchange. Here are some of these factors, according to the SGT.
When there are favorable or unfavorable news on the cryptography market, prices can increase or lower considerably. If an influencer of social media publishes on his recent purchase of cryptocurrency, for example, money can see a peak of interest from those who are not yet on the market. Conversely, a negative mention can bring traders to unload a particular currency.