Bitcoin: Retail Traders Stay Net-Long Despite 2 Month Downtrend
Net-Long Positions Remain Above 75%
Bitcoin: Retail trader data shows 75.7% of traders are net-long with the ratio of traders long to short at 3.12 to 1. The number of traders net-long is 0.5% lower than yesterday and 1.0% lower from last week, while the number of traders net-short is 4.5% lower than yesterday and 3.6% higher from last week.
Be sure to check out our Bitcoin Trading Guide if you're new to cryptocurrencies!
Bitcoin Sentiment Provides A 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 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 Jake Schoenleb, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.