Bitcoin May Reverse Higher As Sentiment Shifts
Majority of Bitcoin Traders Remain Net-Long
Bitcoin: Retail trader data shows 82.9% of traders are net-long with the ratio of traders long to short at 4.85 to 1. The number of traders net-long is 1.5% lower than yesterday and 2.6% lower from last week, while the number of traders net-short is 1.4% lower than yesterday and 0.9% lower from last week.
Be sure to check out our Bitcoin Trading Guide if you're new to cryptocurrencies!
Bitcoin Shifts to Bullish Bias
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.