Bitcoin: Traders Remain Net-Long
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.
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--- 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.