Retail trader data shows 72.8% of traders are net-long with the ratio of traders long to short at 2.68 to 1. The number of traders net-long is 3.1% lower than yesterday and 1.5% higher from last week, while the number of traders net-short is 5.4% lower than yesterday and 6.6% lower from last week.
I 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.
I 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.
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It bounced from level but we will see if BTC will break above red line and searches for higher high or will go back to 3200.