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Bitcoin

80.8% OF TRADERS ARE NET-LONG

Bitcoin: Retail trader data shows 80.8% of traders are net-long with the ratio of traders long to short at 4.21 to 1. The number of traders net-long is 0.6% higher than yesterday and 0.6% lower from last week, while the number of traders net-short is 0.4% higher than yesterday and 6.4% higher from last week.

BITCOIN PROMPTS A MIXED TRADING BIAS

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.

To gain more insight in how we use sentiment to supplement a strategy, join us for one of our weekly webinars on how to “Identify Trends with Sentiment”:

Tuesday 20:00 GMT

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(click on one of the above times to enroll)

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

Follow Nancy on Twitter @NancyPakbazFX