Bitcoin: Prompts a Mixed Bias
NET-LONG TRADERS DECREASE FROM LAST WEEK
Bitcoin: Retail trader data shows 76.9% of traders are net-long with the ratio of traders long to short at 3.32 to 1. The number of traders net-long is 2.2% lower than yesterday and 0.9% lower from last week, while the number of traders net-short is 1.9% lower than yesterday and 1.9% lower from last week.
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BITCOIN DIRECTION REMAINS UNCLEAR
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin 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.