Bitcoin: Traders Continue to Increase Net-Long Positions
AN INCREASE IN NET-LONG TRADERS FROM LAST WEEK
Bitcoin: Retail trader data shows 72.9% of traders are net-long with the ratio of traders long to short at 2.69 to 1. The number of traders net-long is 2.5% higher than yesterday and 2.8% higher from last week, while the number of traders net-short is 1.8% lower than yesterday and 10.0% lower from last week.
Be sure to check out our Bitcoin Trading Guide if you're new to cryptocurrencies!
BITCOIN SENTIMENT SUGGESTS BEARISH BIAS
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.
--- Written by Nancy Pakbaz, CFA, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.