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Bitcoin Sentiment Doesn't Give Clear Signal

Bitcoin Sentiment Doesn't Give Clear Signal

Dylan Jusino,
Bitcoin Sentiment Doesn't Give Clear Signal

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

Bitcoin: Retail trader data shows 72.9% of traders are net-long with the ratio of traders long to short at 2.69 to 1. The number of traders net-long is 1.0% higher than yesterday and 3.3% higher from last week, while the number of traders net-short is 4.2% lower than yesterday and 5.9% 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.

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