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.
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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