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Bitcoin Reversal in Play On Key Shift in Sentiment

Bitcoin Reversal in Play On Key Shift in Sentiment

2018-03-19 18:00:00
Dylan Jusino,
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Bitcoin Reversal in Play On Key Shift in Sentiment

Be sure to check out our Bitcoin Trading Guideif you're new to cryptocurrencies!

Bitcoin: Retail trader data shows 71.9% of traders are net-long with the ratio of traders long to short at 2.56 to 1. The number of traders net-long is 1.7% lower than yesterday and 1.5% lower from last week, while the number of traders net-short is 0.7% higher than yesterday and 12.0% 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. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Bitcoin price trend may soon reverse higher despite the fact traders remain net-long.

--- 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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