Bitcoin Price in Question As Traders Shift Positioning
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Bitcoin: Retail trader data shows 73.2% of traders are net-long with the ratio of traders long to short at 2.74 to 1. The number of traders net-long is 3.6% lower than yesterday and 6.6% lower from last week, while the number of traders net-short is 1.7% lower than yesterday and 7.5% 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