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Bitcoin Looks To Continue Higher as Net-Long Traders Decrease

Bitcoin Looks To Continue Higher as Net-Long Traders Decrease

2018-08-01 19:30:00
Jack Schwarze,
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Bitcoin Client Positioning

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.

Be sure to check out our Bitcoin Trading Guide if you're new to cryptocurrencies!

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.

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