Financial markets, economics, fundamental and technical analysis. – IG Client Sentiment data are pointing to price rises for cryptocurrencies Bitcoin and Ether.
– However, the figures are negative for Ripple and Litecoin prices. Learn how to trade like an expert by reading our guide to the Traits of Successful Traders The latest IG Client Sentiment data show 71.2% of traders are net-long Bitcoin, with the ratio of traders long to short at 2.47 to 1.
The number of traders net-long is 2.8% lower than yesterday and 8.4% lower from last week, while the number of traders net-short is 6.5% higher than yesterday and 2.3% lower from last week. At DailyFX, 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.
Turning to Ether, the retail trader data show 90.6% of traders are net-long, with the ratio of traders long to short at 9.61 to 1. In fact, traders have remained net-long since July2007, when Ether traded near 244.56; the price has moved 252.8% higher since then. Read more from dailyfx.com…
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