Monday June 27, 2016 7:00 AM
Weekend trading for both BTC and ETH did not confirm more downside and continued to show low volume trading.
I think it’s worth noting that 24/7 trading is not common in most markets where most pattern trading systems (including mine) have been developed. It appears trading volumes for cryptocurrencies typically drop during weekend trading.
Because it’s uncertain if weekend trading is different from weekday trading, for the highest degree of confidence in my trading strategies, I’ll be looking carefully at Monday and even Tuesday price and volume patterns to confirm patterns built over weekends.
For example, I mentioned yesterday was a key day for both BTC and ETH. Will be important to see higher prices on higher volume today to lend support to the patterns we saw over this weekend.
As I write this post early in the trading day on Monday, ETH has almost traded with as much volume as it did all day Sunday. BTC has about 50% of its Sunday trading volume already on the charts today.
Bottom line is I think it’s wise to view weekend trading patterns with a skeptical eye when making longer term trading decisions.