BITCOIN “Dumps” On Rumor/Spread; GOLD Reverses Two Day Gains (11/10/17)

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.

11/10/17 Closing Prices:

Bitcoin:  $6,811.25  (-$373.01)
Gold:  $1,276  (-$10.00)
Dow Jones Industrials:  23,422.21  (-39.73)
S&P 500:  2,582.30  (-2.32)

Nasdaq Composite:  6,750.94  (-0.89)

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

Trading Summary Notes for Friday, 11/10/2017

  • BITCOIN continues sharp selloff after ‘fork’ (split) doesn’t happen
  • Bitcoin also under pressure on spread; Sell bitcoin/buy bitcoin cash
  • BITCOIN rumor adds MORE pressure; Mt Gox creditors may see release of bitcoins held by bankruptcy trustee. Huge supply overhang may be for sale
  • All of the above adds selling pressure. Expect more weakness
  • GOLD locked in tight trading range.
  • Gold suffering from lack of interest……..for now
  • Still thinking gold want so go UP. Needs a reason and momentum investors
  • LONG TERM BULLISH ON BITCOIN AND GOLD

CURRENT TRADING POSITION: LONG GOLD 

 

Read our PRIOR daily commentaries on Bitcoin vs Gold here
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