BITCOIN Gets UGLY, Drops Hard; GOLD Rock Solid and Strong (1/16/18)

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.

1/16/18 Closing Prices:

Bitcoin:  $12,176.44  (-$1,647.81) (from Friday 1/12)
Gold:  $1,339  (-$0-) (from Friday 1/12)
Dow Jones Industrials:  25,792.86  (-10.33)
S&P 500:  2,776.42 (-9.82)

Nasdaq Composite:  7,223.69  (-37.38)

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

Trading Summary Notes for Tuesday, 1/16/2018

  • BITCOIN (all cryptos) experience massive selloffs. Long US holiday over, selling hits
  • Same old, same old. South Korea threatens to ban bitcoin trading. China wants to crack down on miners. “Trash talking” central banks scaring markets
  • No new reasons to buy bitcoin. Upside momentum has given way to global selling.
  • Bitcoin had become very over owned. Time to sit back and let weak hands liquidate
  • GOLD holds all the gains of past few weeks.
  • Weak dollar and inflation fears give gold strength
  • Resistance and near term price target of $1,350 getting close
  • A big story for 2018? Inflation led by strong wage increases. Great story for gold
  • Top 2018 “HOT” picks………..both BITCOIN & GOLD

CURRENT TRADING POSITION:  Long GOLD


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

Read our PRIOR daily commentaries