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Don’t buy cryptocurrencies on this day of the week
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If ever talked to a financial advisor or stockbroker, you’ve no doubt heard that time can be an important factor in trading success. Investors use a variety of methods to decide the best time to carry out operations in stock markets.
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But what about when it comes to cryptocurrency? It’s certainly a question on the minds of many potential investors, especially considering the size of the cryptocurrency market. According to data, it is currently worth more than $2.3 trillion The heterogeneous madman.
There are certainly some guidelines and methods used by investors, but traditional stock market trading models don’t always apply. However, it is useful to at least take some expert advice, especially given the volatility of cryptocurrency.
Don’t wait until Friday
Don’t put off buying cryptocurrency until the end of the week. You may want to avoid Fridays especially. According to Institute of Corporate Finance“Typically, cryptocurrency prices start low on Monday and rise throughout the week. When the weekend arrives, prices tend to drop until market activity begins the following Monday. As cryptocurrencies are likely to prices reach their lowest point after a weekend of low trading activity, Monday is the best time of the week to buy cryptocurrency.
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Don’t wait until the end of the month
Another factor to consider when it comes to time is the day of the month. Overall, according to the Corporate Finance Institute, the end of the month is generally considered the best time to buy cryptocurrencies. Prices generally increase in the first weeks of the month, then decrease towards the second part of the month.
If you are new to the world of cryptocurrencies, you should keep a few things in mind before you start buying. First, remember that the cryptocurrency market is typically extremely volatile. This means you should know the level of risk you are comfortable with before getting started. And, while you can buy and sell cryptocurrencies around the clock, you may want to pay attention to the stock markets. What happens during traditional trading hours very often has an effect on cryptocurrency trading.
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This article originally appeared on GOBankingRates.com: Don’t buy cryptocurrencies on this day of the week