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Bitcoin: Trader’s Remain Net-Long

Bitcoin: Trader’s Remain Net-Long

Tammy Da Costa, Analyst
Bitcoin IG Client Sentiment

Bitcoin: Retail Trader Data shows 78.7% of Traders are Net-Long

Bitcoin: Retail trader data shows 78.7% of traders are net-long with the ratio of traders long to short at 3.7 to 1. The number of traders net-long is 1.1% lower than yesterday and 3.9% lower from last week, while the number of traders net-short is 21.9% lower than yesterday and 2.2% 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”:

Thursday 21:00 GMT

Tuesday 15:00 GMT

Wednesday 00:00 GMT

(click on one of the above times to enroll)

Bitcoin: Fact that Traders are Net-Long Suggests Stronger 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.

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