Technical Analysis

Bitcoin: Prompts a Blended Bias

Bitcoin

NET-LONG TRADERS DECREASE FROM LAST WEEK

Bitcoin: Retail dealer knowledge exhibits 76.9% of merchants are net-long with the ratio of merchants lengthy to brief at three.32 to 1. The variety of merchants net-long is 2.2% decrease than yesterday and zero.9% decrease from final week, whereas the variety of merchants net-short is 1.9% decrease than yesterday and 1.9% decrease from final week.

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

BITCOIN DIRECTION REMAINS UNCLEAR

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

— Written by Nancy Pakbaz, CFA, DailyFX Analysis


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