Why July 8th? Stocktwits user @heyimsnuffles peaked my curiosity when he posted a comment about a "like clockwork" Friday after-hours pump. I wanted to see if this observation was backed up by evidence so I pulled raw OHLC data from Bitfinex, did a little bit of normalization, and compiled the results on the table above for Weekday statistics.
3 Year data includes price shocks such as MtGox so the is much higher than 1 Year data. Two days stuck out consistently; Friday and Wednesday. Friday historically has the highest probability of being a day in the near term and a slightly higher probability in the long term. The Tuesday long term sentiment seems to have gone away. Wednesday was consistently the most day and also one of the highest in .
So if you want to enter a Long position; best to do it Thursday prior to Friday. See a short setup Wednesday? Take it!