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Bitcoin Likely to Remain Above 6200 Based on Sentiment

Bitcoin Likely to Remain Above 6200 Based on Sentiment

Jack Schwarze,
Bitcoin Client Positioning Sentiment

Majority of Bitcoin Traders Remain Net-Long

Bitcoin: Retail trader data shows 78.7% of traders are net-long with the ratio of traders long to short at 3.7 to 1. The number of traders net-long is 0.1% higher than yesterday and 1.4% lower from last week, while the number of traders net-short is 1.7% higher than yesterday and 1.3% 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 Jack Schwarze, DailyFX Research

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

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