Bitcoin: Weekly Short Positions Skyrocket 31% as Prices Hit a 13 Month Low
Net-short is 31% higher from last week
Bitcoin: Retail trader data shows 79.9% of traders are net-long with the ratio of traders long to short at 3.98 to 1. The number of traders net-long is 7.6% lower than yesterday and 9.7% lower from last week, while the number of traders net-short is 24.7% higher than yesterday and 30.8% higher from last week.
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Bitcoin Sentiment Sparks a 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 Fan Xu, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.