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Majority of Bitcoin Traders Remain Net-Long
Bitcoin: Retail trader data shows 77.6% of traders are net-long with the ratio of traders long to short at 3.46 to 1. The number of traders net-long is 0.7% higher than yesterday and 9.1% lower from last week, while the number of traders net-short is 0.9% higher than yesterday and 8.1% lower from last week.
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Sentiment Suggests Bitcoin May Reverse Higher
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Bitcoin price trend may soon reverse higher despite the fact traders remain net-long.
--- Written by Abdullah AlAmoudi, DailyFX Research
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
