Most Bitcoin traders who have practiced for a long time can confirm that there is a time factor in trading. Similarly, some specific determinants dictate the price and value of Bitcoin in a particular period. In short, the crypto market remains highly volatile. Therefore, you must be strategic in choosing the right time to trade. Bitcoin has projected rising and falling market trends since its inception. And this means that the future of Bitcoin is subject to bear and bull trends. The bottom line is that you must work towards reducing the chances of losses, and you can achieve this by choosing the right and the most appropriate time to trade. If you are looking for safer trading transactions, you may visit the official site of the most trusted trading platform.
Are you a first-timer in Bitcoin trading and wondering how you can embark on a successful venture? If that is the case, you might want to try tools to assist with analytics and trading. With the right analytics tool, you will understand how time factors come into play when trading Bitcoin. Your focus should be on making every investment count while mitigating losses. So, what are the pertinent things you should know about the right trading time concerning Bitcoin?
Weekends Are Not the Best
Many studies have projected weekends as not the best time for Bitcoin trading. Western countries primarily influence Bitcoin trading, with the United States as a significant player in the Bitcoin market today. Notably, American culture resonates with slow activities during the weekends. In other words, weekends make the ideal time for Americans to rest. As a result, there is a slow movement of the Bitcoin price.
The main problem with weekends is that bitcoin volatility is higher than usual. In essence, there is the chance of finding Bitcoin at a significantly low price compared to the weekday value. Note that the demand for Bitcoin determines the supply. Bitcoin demand is usually down during the weekend, which means high supply and low prices. It would be better to trade during the weekdays instead of weekends.
Listen To the Media
Did you know that the media is one of the biggest influencers of Bitcoin prices worldwide? Indeed, the kind of information that reaches the market determines the sort of response that buyers and traders will depict. The only problem is that media briefings may emerge when least expected, affecting traders off-guard. A strategic and wise trader is always keen on information traversing digital media platforms. Sometimes some speculations eventually materialize. Analyzing the available information is necessary to determine the right trading time. If the media dominates the digital platforms with too much positive news about Bitcoin, you should be quick to buy. And this would significantly increase your chances of making profits at that time.
Buy When Influencers Act in Affirmative
Aside from the media influence, you will realize that some individuals directly influence the price of Bitcoin through their usual activities. For instance, Ellon Musk has been pivotal in influencing and determining the Bitcoin price. Following such individuals will give you a perfect idea of the right time to trade. Such influencers’ affirmative and progressive response to Bitcoin is an addition to the market. Trade only when there is the right wave from popular influencers.
From the above indicators, timing is everything in trading Bitcoin. It is, however, essential to have adequate information regarding market trends. Therefore, conduct ongoing research to stay up-to-date about the market changes. And this should assist you in making informed decisions on how and when to trade your Bitcoin.