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