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