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Bitcoin: Sentiment Prompts a Mixed Signal

Bitcoin: Sentiment Prompts a Mixed Signal

Nancy Pakbaz, CFA, Markets Writer
Bitcoin

NET-LONG TRADERS INCREASED FROM LAST WEEK

Bitcoin: Retail trader data shows 75.1% of traders are net-long with the ratio of traders long to short at 3.02 to 1. The number of traders net-long is 2.5% higher than yesterday and 2.4% higher from last week, while the number of traders net-short is 2.1% higher than yesterday and 6.3% higher from last week.

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

BITCOIN SUGGESTS AN UNCLEAR DIRECTION

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 more net-long than yesterday but less 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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