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Bitcoin: Retail trader data shows 69.6% of traders are net-long with the ratio of traders long to short at 2.29 to 1. The number of traders net-long is 4.4% lower than yesterday and 11.8% lower from last week, while the number of traders net-short is 10.4% lower than yesterday and 0.2% 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. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.
--- Written by Dylan Jusino, 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.