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.
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— Written by Nancy Pakbaz, CFA, DailyFX Analysis
Comply with Nancy on Twitter @NancyPakbazFX