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Bitcoin: Traders remain Net-Long Suggesting that Trend may Soon Reverse Lower

Bitcoin: Traders remain Net-Long Suggesting that Trend may Soon Reverse Lower

Tammy Da Costa, Analyst
Bitcoin IG Client Sentiment

Bitcoin: Retail Trader Data shows 75.5% of Traders are Net-Long

Bitcoin: Retail trader data shows 75.5% of traders are net-long with the ratio of traders long to short at 3.08 to 1. The number of traders net-long is 6.3% higher than yesterday and 7.1% lower from last week, while the number of traders net-short is 0.9% higher than yesterday and 8.1% 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: Changes in Sentiment 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.

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