Bitcoin price may drop below $ 9,000 but we have found the best time to buy and sell Bitcoin
From the current positions, the Bitcoin price and Ethereum can sink below key levels, breathing before the next rally. The cryptocurrency market will not go up all the time, and corrections from the current levels are the most likely recent analyses. Bitcoin and Ethereum may face a correction before accelerating again to build a 2020 bull market.
Bitcoin price and ETH may sink below key levels before the next rally
The Bitcoin price has moved sideways between $ 10,200 and $ 10,300 in the past few days. At this range, the high probability of Bitcoin drops once again, returning to a low below $ 9,000. While the exact scenario of a price move is uncertain, the Bitcoin price is currently falling, hovering around $ 9,953, down nearly 3% in the past 24 hours.
We advise you to expect the completion of wave A and look for a point of sale in wave B?https://t.co/LWbYwsGjsi#investing #CryptoNews #trading #Investment #HedgeFunds #quantumhedgefund #ethereum #investments #bitcoin
— Quantum Hedge Fund Official (@qhfofficial) February 13, 2020
For both currencies, rising trading activity shows a battle between bullish and bearish attitudes. Short-term transactions can cause price fluctuations, but the general prediction is that the Bitcoin price will drop below $ 8,600.
ETH, even more volatile, is trading below the $ 200 mark just a few days ago, before going straight with massive profits and the potential to make $ 300. The cryptocurrency market has had an optimistic start to 2020, with prices rising in the past few months. But markets also have a tradition of profound quarterly adjustments. At this point, the nascent Altcoin market may also be disrupted, erasing some recent gains for most Altcoins.
The Bitcoin fear and greed index soared to 64 points, the highest level since the summer of 2019. However, the index does not predict forward-looking attitudes, but only trades and positions until the current time. The index can quickly turn to fear if the price changes direction. For both assets, the initial decline is expected to be rapid, followed by a short rebound. After that, a new price action cycle will begin to develop.
The most expected Bitcoin price is still Bitcoin halving – something that will happen in about 86 days. And there have been many predictions for Bitcoin price to appear, ranging from $ 14,000, $ 20,000, or a more massive breakout. As AZCoin News reported, Mike Novogratz, CEO of Galaxy Digital, has just said that Bitcoin price can only surpass the historical peak of $ 20,000 in the halving phase in May this year.
What is the best time to buy and sell Bitcoin?
After analyzing Bitcoin buying and selling data for the past two years, we can ultimately find the best day of the week to buy and sell Bitcoin.
According to Longhash’s research, the research method is to find the average price for open, close, high, and low for every hour of every week. For example, they take high prices every Monday at 6 am and find that the average will reach the average price. They did this for every hour of every day of the week for two years.
Source: Longhash
The researchers found that the average lowest price for Bitcoin was at 6 am UTC on Friday. This means that this is the average, the best time to have a position in a long trade. Then, on Monday and Tuesday around midnight UTC, the average Bitcoin price is $ 170 higher than Friday.
This means Monday or Tuesday is statistically the best time to withdraw money from your Friday long or take a short position to withdraw on the next Friday when prices are statistically lower.
Source: Longhash
Trading volumes were not notably higher during this time. There was a correlation with lower prices on Friday, with lower trading volumes. Monday may reflect more top price points held by institutional investors at the beginning of the week.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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