NET-SHORT AND NET-LONG POSITIONS INCREASED BY OVER 15%
Bitcoin: Retail trader data shows 78.4% of traders are net-long with the ratio of traders long to short at 3.63 to 1. The number of traders net-long is 15.5% higher than yesterday and 16.0% higher from last week, while the number of traders net-short is 16.8% higher than yesterday and 27.8% higher from last week.
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BITCOIN: SENTIMENT WARN THAT PRICE TREND MAY SOON REVERSE
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current Bitcoin price trend may soon reverse higher despite the fact traders remain net-long.
— Written by Nancy Pakbaz, CFA, DailyFX Research
Follow Nancy on Twitter @NancyPakbazFX