Bitcoin: Resistance Holds at 7700 with Bearish Bias
Majority of Bitcoin Traders Remain Net-Long
Bitcoin: Retail trader data shows 77.9% of traders are net-long with the ratio of traders long to short at 3.52 to 1. The number of traders net-long is 1.7% higher than yesterday and 2.1% higher from last week, while the number of traders net-short is 0.8% higher than yesterday and 12.6% lower from last week.
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Bitcoin Continues to Trade With Bearish Bias
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.