Technical Analysis

Bitcoin Costs Could Proceed to Fall

Bitcoin

75.2% OF TRADERS ARE NET-LONG

Bitcoin: Retail dealer knowledge exhibits 75.2% of merchants are net-long with the ratio of merchants lengthy to brief at three.04 to 1. The variety of merchants net-long is 1.6% decrease than yesterday and zero.eight% decrease from final week, whereas the variety of merchants net-short is 1.eight% decrease than yesterday and 1.5% decrease from final week.

Make sure you take a look at our Bitcoin Buying and selling Information should you’re new to cryptocurrencies!

BITCOIN SUGGESTS A BEARISH BIAS

We sometimes take a contrarian view to crowd sentiment, and the actual fact merchants are net-long suggests Bitcoin costs could proceed to fall. Merchants are additional net-long than yesterday and final week, and the mixture of present sentiment and up to date adjustments provides us a stronger Bitcoin-bearish contrarian buying and selling bias.

— Written by Nancy Pakbaz, CFA, DailyFX Analysis

Comply with Nancy on Twitter @NancyPakbazFX


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