NUMBER OF TRADERS NET-LONG ARE 78.6% LOWER FROM LAST WEEK
Bitcoin: Retail dealer information exhibits 61.9% of merchants are net-long with the ratio of merchants lengthy to quick at 1.63 to 1. The variety of merchants net-long is 77.9% decrease than yesterday and 78.6% decrease from final week, whereas the variety of merchants net-short is 49.2% decrease than yesterday and 60.zero% decrease from final week.
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BITCOIN PRICE TREND MAY SOON REVERSE
We sometimes 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. Latest adjustments in sentiment warn that the present Bitcoin value pattern might quickly reverse greater regardless of the actual fact merchants stay net-long.
— Written by Nancy Pakbaz, CFA, DailyFX Analysis
Comply with Nancy on Twitter @NancyPakbazFX