Bitcoin: 81.7% of Traders Are Net-Long
TRADERS REMAIN NET-LONG
Bitcoin: Retail trader data shows 81.7% of traders are net-long with the ratio of traders long to short at 4.46 to 1. The number of traders net-long is 3.2% lower than yesterday and 3.7% lower from last week, while the number of traders net-short is 1.8% lower than yesterday and 15.6% lower from last week.
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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. 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
Follow Nancy on Twitter @ NancyPakbazFX