Could you please explain to me,what The market for Bitcoin is 69% net long at the moment means?? Thanks a lot!!
Unrelated: @embomb701, the pullup challenge is on, I've tagged you there yesterday, check my profile. Everyone gets a reward and so far there's just one entry :D
Sure, no problem I know you didn't ask but I'll give the full version :-) lol
At the moment, 69% of retail traders (amateurs, who don't know shit) have bought Bitcoin and think it's going up. And statistically, 90% of retail traders are always wrong.
So whenever there is a majority of people betting in one direction, because they're wrong 90% of the time, the smart money (the city, hedge funds, professional investors) take the contrarian or opposite position. That's how they make all their money, it's a guaranteed 9:1 probability.
Another way to look at it, if everyone has already bought Bitcoin expecting it to go up, then there's no-one left to buy it, so why should it go up ? Supply and demand...
I personally wait for over 80% before entering the market (in the opposite direction) but the pros normally wait till it's 85-90%.
Hmmm dropping knowledge, thx a lot!
How did you get the current 69% number btw? Where are such statistics to be seen? I'm just wondering who are actually those 100%...people who ever owned any bitcoin?..or sold bitcoin in the previous month and now are back?
Thx Thx!
It's all publicly available information, should be able to find it using a quick google search. I just saw that one flash up on my brokers newsfeed, 69%, I think it was from a crypto brokers client list.
Here's an example though, just from a news site > https://www.dailyfx.com/sentiment?ref=SentimentWidget
69% of people have long positions rather than short positions, people typically take short positions when they think the market is going down and take long positions when they think it will move up.
Pull Up challenge you say, I will check it out, but I am currently 18 pounds over my normal weight and 26 pounds over my fight weight, lol. I am getting back on track but its like doing Pull Ups with 18 pounds in a back pack. lol.
Hahh yepp, I do understand long and short terminology...just the word net confused me...+ I didn't know such information are available, ratio of people who are currently long/short....Im not a trader by any means of imagination haha, regularly watch some TA videos on YT but I don't have balls to actually sell. I'm happy with my amount of coins and believe in the long run they'll be worth a lot anyways
Pullup challenge - hahh, nevermind dude, just challenge yourself, it's not about being a winner...No need to be ashamed of low number, you could still whoop us all in the cage or on the mat :D
The information is mostly assumed, they have ways of making hypotheses based on information they gather mostly with computers.
I will give it a shot, anyways but I just wanted to let you know that when I was in shape my numbers were way better. Did you see my before and after getting into crypto post? How long do I have to post because today is Push day for me so I can not do it till tomorrow.
It ends on this Sunday, 8pm CET :)
And yepp I've seen & even commented there. I'm really curious what can such intense and well-planned month do...pumped to see the results!
I will try to make a video after work tomorrow. Thanks for tagging me.