Technical Analysis

Bitcoin: Merchants Stay Internet-Lengthy

Bitcoin

NET-LONG POSITIONS CONTINUE TO INCREASE

Bitcoin: Retail dealer information exhibits 76.2% of merchants are net-long with the ratio of merchants lengthy to brief at three.21 to 1. The variety of merchants net-long is three.6% greater than yesterday and zero.three% greater from final week, whereas the variety of merchants net-short is 5.four% greater than yesterday and 5.zero% greater from final week.

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BITCOIN PRICE TREND MAY SOON REVERSE

We usually take a contrarian view to crowd sentiment, and the very fact merchants are net-long suggests Bitcoin costs might proceed to fall. But merchants are much less net-long than yesterday and in contrast with final week. Current modifications in sentiment warn that the present Bitcoin worth pattern might quickly reverse greater regardless of the very fact merchants stay net-long.

— Written by Nancy Pakbaz, CFA, DailyFX Analysis


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