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Bitcoin: Price May Continue to Fall

Bitcoin: Price May Continue to Fall

Nancy Pakbaz, CFA, Markets Writer
bitcoin

TRADERS REMAIN NET-LONG

Bitcoin: Retail trader data shows 82.5% of traders are net-long with the ratio of traders long to short at 4.71 to 1. The number of traders net-long is 0.7% lower than yesterday and 1.4% lower from last week, while the number of traders net-short is 1.4% higher than yesterday and 5.6% lower from last week.

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”:

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(click on one of the above times to enroll)

BITCOIN: SENTIMENT SUGGESTS 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 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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