Technical Analysis

Bitcoin: Merchants Stay Web-Lengthy

Bitcoin

80.eight% OF TRADERS ARE NET-LONG

Bitcoin: Retail dealer information reveals 80.eight% of merchants are net-long with the ratio of merchants lengthy to quick at four.21 to 1. The variety of merchants net-long is zero.6% greater than yesterday and zero.6% decrease from final week, whereas the variety of merchants net-short is zero.four% greater than yesterday and 6.four% greater from final week.

BITCOIN PROMPTS A MIXED TRADING BIAS

We usually take a contrarian view to crowd sentiment, and the actual 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 adjustments offers us an additional combined Bitcoin buying and selling bias.

To achieve extra perception in how we use sentiment to complement a method, be part of us for one in every of our weekly webinars on easy methods to “Establish Traits with Sentiment”:

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— Written by Nancy Pakbaz, CFA, DailyFX Analysis

Comply with Nancy on Twitter @NancyPakbazFX


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