BITCOIN Hits $11,000 Then Dives; Over For Now? GOLD Waffles Lower (11/29/17)

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.

11/29/17 Closing Prices:

Bitcoin:  $10,761.50  (+$863.09)
Gold:  $1,285  (-$9-)
Dow Jones Industrials:  23,940.68  (+103.97)
S&P 500:  2,626.07  (-0.97)

Nasdaq Composite:  6,824.39  (-87.97)

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

Trading Summary Notes for Wednesday, 11/29/2017

  • BITCOIN rockets thru $10K, then $11K………then dives back under $10K
  • Bitcoin enjoying the Consensus NY event with a “bullish bounce”. Always happens
  • Crypto volatility is off the charts. Short term bitcoin high?
  • Talk of $40K bitcoin, $100K bitcoin AND $1M bitcoin is a touch scary.
  • Long term bitcoin holders should be OK, short term traders maybe not so much
  • GOLD settles back down a little
  • Gold bumping resistance at $1,295-$1,300
  • Gold is under-owned, over looked and in the shadow of bitcoin
  • Gold WILL be the surprise move to the upside. Upside target $1,350
  • 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