Bitcoin: Traders Continue to Increase Their Net-Long Positions
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TRADERS REMAIN NET-LONG
Bitcoin: Retail trader data shows 80.0% of traders are net-long with the ratio of traders long to short at 4.01 to 1. The percentage of traders net-long is now its lowest since Feb 26 when Bitcoin traded near 3777.29. The number of traders net-long is 0.3% higher than yesterday and 0.5% higher from last week, while the number of traders net-short is 5.6% higher than yesterday and 6.5% higher from last week.
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BITCOIN: PRICE MAY SOON REVERSE DESPITE TRADERS REMAINING NET-LONG
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.