Bitcoin: Retail Trader data shows 77.3% of traders are Net-Long
NUMBER OF TRADERS NET-SHORT HAS INCREASED BY 22.4% FROM LAST WEEK
Bitcoin: Retail trader data shows 77.3% of traders are net-long with the ratio of traders long to short at 3.4 to 1. The number of traders net-long is 3.4% lower than yesterday and 16.0% higher from last week, while the number of traders net-short is 6.9% lower than yesterday and 22.4% higher from last week.
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Bitcoin: Recent changes suggest 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.
-Written by Tammy Da Costa, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.