Bitcoin Shows Signs of Weakness
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Bitcoin Shows Signs of Weakness

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Bitcoin Shows Signs of Weakness

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Bitcoin: Retail trader data shows 77.5% of traders are net-long with the ratio of traders long to short at 3.44 to 1. The number of traders net-long is 4.4% higher than yesterday and 43.7% higher from last week, while the number of traders net-short is 1.3% lower than yesterday and 3.3% lower from last week.

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 Dylan Jusino, DailyFX Research

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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.

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