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Bitcoin May Be Headed Lower on Trader Sentiment

Bitcoin May Be Headed Lower on Trader Sentiment

Dylan Jusino, Contributor

New to Bitcoin? Be sure to check out our new Bitcoin Trading Guide !

Bitcoin: Retail trader data shows 78.4% of traders are net-long with the ratio of traders long to short at 3.64 to 1. The number of traders net-long is 7.7% higher than yesterday and 1.5% lower from last week, while the number of traders net-short is 5.5% lower than yesterday and 8.8% 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.

--- 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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