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