Technical Analysis

Stronger Bitcoin-Bearish: Most Merchants Keep Internet-Lengthy

IG Client Sentiment

77% of Merchants are Internet-Lengthy

Bitcoin: Retail dealer information exhibits 77.5% of merchants are net-long with the ratio of merchants lengthy to quick at three.44 to 1. The variety of merchants net-long is zero.four% decrease than yesterday and 6.2% increased from final week, whereas the variety of merchants net-short is 2.7% decrease than yesterday and 6.four% decrease from final week.

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Bitcoin Sentiment Suggests a Stronger Bearish Bias

We sometimes take a contrarian view to crowd sentiment, and the actual fact merchants are net-long suggests Bitcoin costs could proceed to fall. Merchants are additional net-long than yesterday and final week, and the mixture of present sentiment and up to date modifications provides us a stronger Bitcoin-bearish contrarian buying and selling bias.

— Written by Fan Xu, DailyFX Analysis

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