Shaurya Mahajan
Shaurya Mahajan 3 minutes reading from Bitcoin

Daily Bitcoin Price Analysis: Daily And Weekly Candles, Day of Week

Some statistics for BTC Daily and Weekly Candles, Day of Week Patterns, etc.

Data from BTCUSD Bitstamp Pair Jan 01, 2018 to Aug 07, 2022

Total Weeks = 240 Total Days = 1680

Range = 100*(High-Low)/Open

- Weekly Range < 10% for ~25% weeks - Range b/w 10-20% for 50% weeks - Range > 20% for 25% weeks

Return = 100*(Close-Open)/Open

- Weekly Return = 53% weeks - Return < 0 = 47% weeks

- Return b/w -5 and 5 % for ~46% weeks - Returns b/w -10 and 10% for ~69% weeks

HOW/LOW Distribution by Day of the Week

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Avg Log Daily Return for different days of the week during the period.

Thursdays suck pretty bad. Buy Friday Sell wednesday outperformed Buy & Hold by around 4X during the period.

Daily Range as per Day of the Week

Daily Returns vs Day of Week

Daily return on Sat & Sun are b/w -2 & 2% around 63 % of the time - b/w -4 and 4% around 85% of the time.

Highest / Lowest return days rarely happen during the weekend

Correlation b/w returns as per Day of the Week. Not much to see here imo

This post is based on this twitter thread.

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