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Bitcoin: Sentiment Sparks a Bullish Bias as Long Positions Hit a Yearly Low

Bitcoin: Sentiment Sparks a Bullish Bias as Long Positions Hit a Yearly Low

2018-09-06 18:00:00
Jake Schoenleb,
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Bitcoin

Net-Long Positions Sink 12% This Week

Bitcoin: Retail trader data shows 75.6% of traders are net-long with the ratio of traders long to short at 3.11 to 1. The number of traders net-long is 5.7% lower than yesterday and 12.3% lower from last week, while the number of traders net-short is 2.8% lower than yesterday and unchanged from last week.

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

Bitcoin Sentiment Indicates Prices May Rise

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 Jake Schoenleb, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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