Bitcoin: Retail Trader Data shows 78.8% of Traders are Net-Long
Bitcoin: Retail trader data shows 78.8% of traders are net-long with the ratio of traders long to short at 3.72 to 1. The number of traders net-long is 3.3% higher than yesterday and 6.4% lower from last week, while the number of traders net-short is 6.9% higher than yesterday and 20.4% higher from last week.
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Bitcoin: Changes in Sentiment Suggest that Trend 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 Tammy Da Costa, DailyFX Research