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Bitcoin: Traders Remain Net-Long

Bitcoin: Traders Remain Net-Long

Nancy Pakbaz, CFA, Markets Writer
Bitcoin traders are net long

NUMBER OF TRADERS NET-LONG ARE 78.6% LOWER FROM LAST WEEK

Bitcoin: Retail trader data shows 61.9% of traders are net-long with the ratio of traders long to short at 1.63 to 1. The number of traders net-long is 77.9% lower than yesterday and 78.6% lower from last week, while the number of traders net-short is 49.2% lower than yesterday and 60.0% lower from last week.

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

BITCOIN PRICE TREND MAY SOON REVERSE

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 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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