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Bitcoin May Reverse Higher Despite Sentiment

Bitcoin May Reverse Higher Despite Sentiment

Dylan Jusino,
Bitcoin May Reverse Higher Despite Sentiment

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

Bitcoin: Retail trader data shows 72.0% of traders are net-long with the ratio of traders long to short at 2.57 to 1. The number of traders net-long is 5.3% lower than yesterday and 4.0% lower from last week, while the number of traders net-short is 4.9% higher than yesterday and 7.4% 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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