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Bitcoin: Retail Trader Data Shows 76.8% of Traders Are Net-Long

Bitcoin: Retail Trader Data Shows 76.8% of Traders Are Net-Long

Richard Snow, Analyst
Bitcoin IG client sentiment

NUMBER OF TRADERS NET-LONG HAS INCREASED BY 6.8% FROM LAST WEEK

Bitcoin: Retail trader data shows 76.8% of traders are net-long with the ratio of traders long to short at 3.31 to 1. The number of trader’s net-long is 0.9% higher than yesterday and 6.8% higher from last week, while the number of trader’s net-short is 0.8% lower than yesterday and 25.9% higher 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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BITCOIN SENTIMENT SUGGESTS A STRONGER BEARISH SIGNAL

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.

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