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Therefore, we use trading volume as a proxy for the market trading time and show that the first half\u2010hour positively predicts the last half\u2010hour return. We find that the first trading sessions with the highest volume or volatility are associated with the greatest predictability for intraday time series momentum. We also show that intraday momentum\u2010based trading yields substantial economic gains in terms of market timing and asset allocation, especially in periods of a market downturn in Bitcoin. 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