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Bitcoin: Prices May Continue to Drop as Short Positions Grow

Bitcoin: Prices May Continue to Drop as Short Positions Grow

Jake Schoenleb,
Bitcoin: Prices May Continue to Drop as Short Positions Grow

78% of Retail Traders Stay Net-Long

Bitcoin: Retail trader data shows 78.3% of traders are net-long with the ratio of traders long to short at 3.61 to 1. The number of traders net-long is 2.8% lower than yesterday and 0.8% lower from last week, while the number of traders net-short is 0.9% higher than yesterday and 1.4% lower from last week.

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

Bitcoin Sentiment Indicates a 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. Positioning is less net-long than yesterday and last week. The combination of current sentiment and recent changes gives us a bearish 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.

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