Retail trader data shows 76.4% of traders are net-long with the ratio of traders long to short at 3.24 to 1. The number of traders net-long is 0.9% lower than yesterday and 4.4% higher from last week, while the number of traders net-short is 2.0% higher than yesterday and 1.3% 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. 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.
Wait until price come to green or red line and wait on sign of breakout or price to go back in range.
I 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.
Wait until price come to green or red line and wait on sign of breakout or price to go back in range.
Comment:
It comes back in range.