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.
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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.