Technical Analysis

Bitcoin: Sentiment Prompts a Combined Sign

Bitcoin

NET-LONG TRADERS INCREASED FROM LAST WEEK

Bitcoin: Retail dealer knowledge reveals 75.1% of merchants are net-long with the ratio of merchants lengthy to brief at three.02 to 1. The variety of merchants net-long is 2.5% larger than yesterday and a couple of.four% larger from final week, whereas the variety of merchants net-short is 2.1% larger than yesterday and 6.three% larger from final week.

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BITCOIN SUGGESTS AN UNCLEAR DIRECTION

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

— Written by Nancy Pakbaz, CFA, DailyFX Analysis


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