Bitcoin: Retail Trader Data shows 78.7% of Traders are Net-Long
Bitcoin: Retail trader data shows 78.7% of traders are net-long with the ratio of traders long to short at 3.7 to 1. The number of traders net-long is 1.1% lower than yesterday and 3.9% lower from last week, while the number of traders net-short is 21.9% lower than yesterday and 2.2% lower from last week.
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Bitcoin: Fact that Traders are Net-Long Suggests Stronger Bearish Trading Bias
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.
-Written by Tammy Da Costa, DailyFX Research
