Has anyone noticed that the price of BTC and ETH (which seem to be correlated) always goes down on a Friday, down more on a Saturday, then down to a low point on a Sunday before steadily climbing Monday to a high on a Thursday?
I have a theory that people need BTC on weekdays to get their drugs on Silk Road onion site so demand is higher through the week as they procure their powder for the weekend activities. Everyone is sorted at the weekend and you can't get anything in the post on weekends so demand for coin goes down. Until Monday, Tuesday, Wednesday and Thursday.
This is a definite pattern and I've seen it happen for weeks now. Every week it's the same and it's already dropped really low today (Friday).
If this pattern is true then there are short term strategy gains to be made by purchasing loads on a Sunday afternoon and offloading them on a Wednesday night or Thursday morning. This is particularly noticeable with ETH with low/high ratio as much as 65%
Is this a joke, "drugs on the silk road". I am pretty sure that the Silk Road has already closed down. Your theory is also flawed, since their are dates where it doesn't follow the pattern. The easy explanation for this is, the weekends are usually used to relax and not do business, just like you don't work on weekends, the market sort of slows down in those days. People don't usually spend ETH that much, so ETH can't really be used to strengthen your case here.
I also noticed this pattern, but it is quite easy to explain. At the weekend people relax and any business activity is reduced. Bitcoin price fully depends on the demand so the price falls in the weekend.
Don't recommend doing this, especially since might not happen some weeks.
Actually Silk Road is alive and well. It was shut down but it just came straight back it it still takes BTC. It was the original driving force for BTC and it still plays a part in it's demand. So no, it's not a joke and I intend to prove it this week when I cash in on this pattern.