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Bitcoin: Prompts a Mixed Bias

Bitcoin: Prompts a Mixed Bias

2019-01-23 20:30:00
Nancy Pakbaz, CFA, Markets Writer
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Bitcoin

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.

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

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.

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