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Bitcoin: Retail trader data shows 73.4% of traders are net-long with the ratio of traders long to short at 2.76 to 1. The number of traders net-long is 2.5% higher than yesterday and 19.2% higher from last week, while the number of traders net-short is 4.2% higher than yesterday and 4.4% 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. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.
— Written by Dylan Jusino, DailyFX Research