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Bitcoin IG Client Sentiment: Our data shows traders are now at their most net-long Bitcoin since Aug 21 when Bitcoin traded near 11,610.94.

Bitcoin IG Client Sentiment: Our data shows traders are now at their most net-long Bitcoin since Aug 21 when Bitcoin traded near 11,610.94.

2020-09-02 17:23:00
Research, Research Team
Share:
Bitcoin Client Positioning

Number of traders net-short has decreased by 16.77% from last week.

SYMBOL

TRADING BIAS

NET-LONG%

NET-SHORT%

CHANGE IN LONGS

CHANGE IN SHORTS

CHANGE IN OI

Bitcoin

BEARISH

91.70%

8.30%

-0.40% Daily

2.35% Weekly

-6.94% Daily

-16.77% Weekly

-0.98% Daily

0.44% Weekly

Bitcoin: Retail trader data shows 91.70% of traders are net-long with the ratio of traders long to short at 11.05 to 1. Our data shows traders are now at their most net-long Bitcoin since Aug 21 when Bitcoin traded near 11,610.94. The number of traders net-long is 0.40% lower than yesterday and 2.35% higher from last week, while the number of traders net-short is 6.94% lower than yesterday and 16.77% lower from last week.

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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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