Bitcoin Looks To Continue Higher as Net-Long Traders Decrease
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Bitcoin Reveals Bullish Signs as Number of Traders Net-Long Decreasing
Bitcoin: Retail trader data shows 76.8% of traders are net-long with the ratio of traders long to short at 3.3 to 1. The number of traders net-long is 1.1% lower than yesterday and 8.0% lower from last week, while the number of traders net-short is 0.5% lower than yesterday and 5.2% higher from last week.
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Bitcoin Sentiment Indicates Bullish Bias
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Bitcoin price trend may soon reverse higher despite the fact traders remain net-long.
--- Written by Jack Schwarze, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.