75.9% OF TRADERS ARE NET-LONG
Bitcoin: Retail dealer information exhibits 75.9% of merchants are net-long with the ratio of merchants lengthy to brief at three.15 to 1. The variety of merchants net-long is 1.2% larger than yesterday and three.1% decrease from final week, whereas the variety of merchants net-short is 5.7% larger than yesterday and a couple of.three% larger from final week.
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BITCOIN PRICE TREND MAY SOON REVERSE
We usually take a contrarian view to crowd sentiment, and the actual 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 adjustments in sentiment warn that the present Bitcoin worth development might quickly reverse larger regardless of the actual fact merchants stay net-long.
— Written by Nancy Pakbaz, CFA, DailyFX Analysis