Bitcoin Trend Unclear as Net-Long Positions Fall
Bitcoin: Retail trader data shows 71.2% of traders are net-long with the ratio of traders long to short at 2.47 to 1. The number of traders net-long is 3.8% higher than yesterday and 4.2% lower from last week, while the number of traders net-short is 0.5% higher than yesterday and 9.9% higher 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 more net-long than yesterday but less 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.