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Bitcoin Sentiment Sparks a Bullish Bias

Bitcoin Sentiment Sparks a Bullish Bias

2018-12-28 14:30:00
Fan Xu,
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IG Client Sentiment

74% of Traders are Net-Long

Bitcoin: Retail trader data shows 74.3% of traders are net-long with the ratio of traders long to short at 2.89 to 1. The number of traders net-long is 1.9% lower than yesterday and 7.1% lower from last week, while the number of traders net-short is 2.2% higher than yesterday and 3.9% higher from last week.

Be sure to check out our Bitcoin Trading Guide if you're new to cryptocurrencies!

Bitcoin Price May Rise

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

provides forex news and technical analysis on the trends that influence the global currency markets.

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