BITCOIN Dives Lower; GOLD Heads Up (12/20/17)

Bitcoin Gold

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.

12/20/17 Closing Prices:

Bitcoin:  $16,857.38  (-$1220.47) 
Gold:  $1,265  (+$3) 
Dow Jones Industrials:  24,726.65  (-28.10)
S&P 500:  2,679.25  (-2.22)

Nasdaq Composite:  6,960.96  (-2.89)

CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time Index

Trading Summary Notes for Wednesday, 12/20/2017

  • BITCOIN runs into negative news and futures sellers.
  • CME & Cboe bitcoin futures traders put pressure on bitcoin
  • Long transaction times are driving people away from bitcoin
  • So, negative bitcoin news is getting more press. Hmmm, right after futures launch too
  • Bitcoin “enthusiasm” makes the market way to “frothy”. Short term top? Looks like it. (I’ve said that before and been wrong. I’m due to be right sometime)
  • GOLD inches its way higher. Investors moving back into gold
  • Short term target $1,295-$1,300 as bitcoin softness encourages switch to gold
  • Gold is under owned and under loved. Don’t be short gold
  • LONG TERM BULLISH ON BITCOIN AND GOLD

CURRENT TRADING POSITION:  Long GOLD

CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time Index

Read our PRIOR daily commentaries on Bitcoin vs Gold here