Bitcoin: 51% Net Short Increase Indicates a Bullish Bias
Net-Short is 51% Higher From Last Week
Bitcoin Cash: Retail trader data shows 85.2% of traders are net-long with the ratio of traders long to short at 5.77 to 1. The number of traders net-long is 0.7% lower than yesterday and 2.8% higher from last week, while the number of traders net-short is 13.2% higher than yesterday and 51.0% higher from last week.
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Bitcoin Cash Price May Rise
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin Cash 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 Cash 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.