Technical Analysis

Bitcoin: Weekly Quick Positions Skyrocket 52% as Costs Hit a 13 Month Low

Bitcoin: Weekly Short Positions Skyrocket 52% as Prices Hit a 13 Month Low

Internet-short is 52% larger from final week

Bitcoin: Retail dealer information reveals 76.zero% of merchants are net-long with the ratio of merchants lengthy to quick at three.16 to 1. The variety of merchants net-long is three.zero% decrease than yesterday and 9.zero% decrease from final week, whereas the variety of merchants net-short is 13.three% decrease than yesterday and 52.6% larger from final week.

Make sure you take a look at our Bitcoin Buying and selling Information for those who’re new to cryptocurrencies!

Bitcoin Sentiment Sparks a Combined Bias

We sometimes take a contrarian view to crowd sentiment, and the very fact merchants are net-long suggests Bitcoin costs might proceed to fall. Positioning is extra net-long than yesterday however much less net-long from final week. The mix of present sentiment and up to date adjustments offers us an additional combined Bitcoin buying and selling bias.

— Written by Jake Schoenleb, DailyFX Analysis


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