Majority of Traders Remain Bullish On Bitcoin
Bitcoin: Retail trader data shows 75.3% of traders are net-long with the ratio of traders long to short at 3.05 to 1. The number of traders net-long is 0.6% lower than yesterday and 1.3% lower from last week, while the number of traders net-short is 3.7% higher than yesterday and 6.3% 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