Majority of Bitcoin Traders Remain Net-Long
Bitcoin: Retail trader data shows 77.6% of traders are net-long with the ratio of traders long to short at 3.46 to 1. The number of traders net-long is 0.7% higher than yesterday and 9.1% lower from last week, while the number of traders net-short is 0.9% higher than yesterday and 8.1% lower from last week.
Be sure to check out our Bitcoin Trading Guide if you're new to cryptocurrencies!
Sentiment Suggests Bitcoin May Reverse Higher
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 Abdullah AlAmoudi, DailyFX Research