Market sentiment analysis:
- Trader confidence in Bitcoin, Ethereum and Gold remains largely undented by recent price falls and their longer-term trends higher remain intact.
- Even Dogecoin is off its highs but sentiment remains very positive towards it.
Trader sentiment still positive towards digital currencies
Traders remain positive towards cryptocurrencies like Bitcoin and Ethereum despite their recent price falls, and their upward trends remain intact. Even Dogecoin is off its highs at the time of writing, while Gold is in a similar position to the digital currencies: lower recently but still trending higher as sentiment remains largely undented.
Will Dogeday see Dogecoin explode to $1?, Bitcoin, Ethereum Crushed
Gold Price Chart, Daily Timeframe (January 11 – April 20, 2021)
Chart by IG (You can click on it for a larger image)
| Change in | Longs | Shorts | OI |
| Daily | -13% | 7% | -4% |
| Weekly | -7% | 3% | -2% |
In this webinar, I looked at the trends in the major currency, cryptocurrency, commodity and stock markets, at the forward-looking data on the economic calendar this week, at the IG Client Sentiment page on the DailyFX website, and at the IG Client Sentiment reports that accompany it.
--- Written by Martin Essex, Analyst and Editor
Feel free to contact me on Twitter @MartinSEssex
