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Bitcoin Prices May Continue to Fall

Bitcoin Prices May Continue to Fall

2019-02-06 19:30:00
Nancy Pakbaz, CFA, Markets Writer
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Bitcoin

75.2% OF TRADERS ARE NET-LONG

Bitcoin: Retail trader data shows 75.2% of traders are net-long with the ratio of traders long to short at 3.04 to 1. The number of traders net-long is 1.6% lower than yesterday and 0.8% lower from last week, while the number of traders net-short is 1.8% lower than yesterday and 1.5% lower from last week.

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

BITCOIN SUGGESTS A BEARISH BIAS

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.

--- Written by Nancy Pakbaz, CFA, DailyFX Research

Follow Nancy on Twitter @NancyPakbazFX

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

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