Bitcoin: Retail trader data shows 76.9% of traders are net-long with the ratio of traders long to short at 3.33 to 1. The number of traders net-long is 365.6% higher than yesterday and 0.4% lower from last week, while the number of traders net-short is 122.6% higher than yesterday and 9.5% lower from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.