Bitcoin Teeters at 7500 with Bearish Signal
76% of Traders Are Long on Bitcoin
Bitcoin: Retail trader data shows 76.0% of traders are net-long with the ratio of traders long to short at 3.17 to 1. The percentage of traders net-long is now its highest since Apr 26 when Bitcoin traded near 9183.39. The number of traders net-long is 1.3% higher than yesterday and 1.1% higher from last week, while the number of traders net-short is 10.0% lower than yesterday and 9.0% lower from last week.
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Bitcoin Bearish Bias Holds
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.
--- Written by Abdullah AlAmoudi, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.