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Bitcoin Trades Mixed as Positioning Shifts

Bitcoin Trades Mixed as Positioning Shifts

2017-12-04 19:00:00
Dylan Jusino,
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Bitcoin Trades Mixed as Positioning Shifts

Why and how do we use IG Client Sentiment in trading? See our guide and real-time data.

Retail trader data shows 70.8% of traders are net-long with the ratio of traders long to short at 2.43 to 1. The number of traders net-long is 4.1% lower than yesterday and 15.6% higher from last week, while the number of traders net-short is 17.0% higher than yesterday and 13.1% 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. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.

--- Written by Dylan Jusino, DailyFX Research

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

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