Bitcoin Traders Continue to Conflict With Each Other
Net-Short Bitcoin Traders Decrease by 32.6%
Bitcoin: Retail trader data shows 84.1% of traders are net-long with the ratio of traders long to short at 5.3 to 1. The number of traders net-long is 0.6% lower than yesterday and 6.8% higher from last week, while the number of traders net-short is 0.5% lower than yesterday and 32.6% lower from last week.
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Bitcoin Displays No Clear Trading Signal
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 but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.
--- Written by Jack Schwarze, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.