Bitcoin: Retail Trader Data Shows 77.6% of Traders Are Net-Long
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Net-Longs Increase Slightly While Net-Shorts Drop
Bitcoin: Retail trader data shows 77.6% of traders are net-long with the ratio of traders long to short at 3.46 to 1. The number of traders net-long is 8.1% higher than yesterday and 1.7% higher from last week, while the number of traders net-short is 4.6% lower than yesterday and 5.5% lower from last week.
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Bitcoin: Sentiment Suggests Bitcoin-Bearish 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. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.