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Sentiment Shift Reveals Traders Are Undecided on Bitcoin

Sentiment Shift Reveals Traders Are Undecided on Bitcoin

Dylan Jusino,
Sentiment Shift Reveals Traders Are Undecided on Bitcoin

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

Most Bitcoin Traders Maintain Net-Long Positions

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.

Bitcoin Trades with Mixed Bias

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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