Bitcoin: Our latest report positioning clients at the retail level shows that 81.3% of traders are clearly with long positions as the ratio of traders in large or against traders in court or 4.34 to 1.
Specifically, the number of traders clearly long is 4.4% higher than yesterday and 5.3% higher than last week.
On the other hand, the number of traders clearly short is 3.5% lower than yesterday and 28.0% lower 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 Bitcoin prices could continue to fall.
Net traders have long increased compared to the previous day and last week, so the combination of current sentiment along with recent changes provides us with a strong bearish outlook for Bitcoin trading.