FintekNews compares the price of Bitcoin, Gold & Major Market Averages on a daily basis, and uses the Chicago Mercantile Exchange’s (CME) bitcoin indexes (BRR & BRTI) for bitcoin pricing.
2/7/18 Closing Prices:
Bitcoin: $8,209.14 (+971.47) Gold: $1,316 (-$7) Dow Jones Industrials: 24,893.35 (-19.42) S&P 500: 2,681.66 (-13.48) Nasdaq Composite: 7,051.98 (-63.90)
CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time IndexTrading Summary Notes for Wednesday, 2/7/2018
- BITCOIN jumps back over $8K. Volatility in full force
- Congressional hearings on cryptocurrency regulation not as negative as expected
- Is bitcoin behaving like equities? Correlation as an asset class with stocks? Not for long
- Expect more severe price swings and increased volatility. Traders use stops ALWAYS
- Bitcoin and all markets very nervous
- GOLD gets hit with selling again. Moving back down toward the $1,300 area
- Weakness is any opportunity to acquire. $1,310-$1,315 good support/entry area
- Inflation talk will return and gold will benefit
- Top 2018 “HOT” picks……….. long both BITCOIN & GOLD
CURRENT TRADING POSITION: Long BITCOIN & GOLD
Read our PRIOR daily commentaries