BITCOIN DROPS ON CHINA NEWS; GOLD HOLDS A TOUCH LOWER (9/8/17)

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.

9/8/17 Closing Prices:

Bitcoin:  $4,358.35  (-$291.45)
Gold:  $1,347  (-$1.00)
Dow Jones Industrials:  21,797.79  (+13.01)
S&P 500:  2,461.43  (-3.67) 

Nasdaq Composite:  6,360.19 
(-37.68)

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

Trading Summary Notes for Friday, 9/8/2017

  • BITCOIN drops on rumors China may shut down exchanges. “What, again?”
  • China a “currency/bitcoin manipulator”? Is China trading bitcoin? Hmmmm!
  • Until clarity, “dip buyers” reduce buying area to $3,000-$3,900.
  • Bitcoin traders use stops……both sell stops (for longs) and buy stops (for shorts)
  • GOLD pausing at the $1,350 area.
  • Short term target of $1,350 reached. Take profits or stay the course? Use stops
  • LONG TERM BULLISH ON BITCOIN & GOLD

Current TRADING Positions:  LONG GOLD

Past Market

 

Read our PRIOR daily commentaries on Bitcoin vs Gold here

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