Bitcoin: Our latest retail customer positioning report shows that 80.9% of traders are clearly in long positions since the ratio of long traders to short traders is 4.25 to 1.
Specifically, the number of traders clearly long is 0.7% lower than yesterday and 3.4% higher than last week.
On the other hand, the number of traders clearly short is 5.8% lower than yesterday and 3.7% higher than last week.
We typically take a perspective contrary to the sentiment of the crowd, and the fact that traders are clearly positioned long suggests that prices in Bitcoin could continue to decline.
Net traders have long increased compared to the previous day and last week, so the combination of current sentiment along with recent changes gives us a strong downward perspective on Bitcoin trading.