Bitcoin Explodes & Reaches Price Target. Gold…What’s That?

 

Bitcoin Gold
Welcome to our new streamlined format for Bitcoin vs Gold (and beyond) and look for additional changes over the coming weeks, including a new logo and more. 

FintekNews compares the price of Bitcoin, Gold & Major Market Averages on a daily basis. FintekNews uses the Chicago Mercantile Exchange’s (CME) bitcoin indexes (BRR & BRTI) for bitcoin pricing.

5/10/17 Closing Prices:

Bitcoin: $1,780.92 (+$52.88)
Gold:
 $1,219 ($-2.00)
Dow Jones Industrials: 20,943.11 (-32.67)
S&P 500: 2,399.63 (+2.71)
Nasdaq Composite: 6,129.14 (+8.56)

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

Trading Summary Notes for Tuesday, 5/10/17:

  • Bitcoin new highs on solid demand
  • BITCOIN IN THE MIDDLE OF MY NEAR TERM PRICE TARGET OF $1750-$1800
  • For protection, RAISING sell stop to $1680-$1690
  • Long term bullish on Bitcoin
  • Gold very weak. No reason to own it currently
  • Staying short gold. Near term downside price target $1175-$1185
  • LONG BITCOIN/SHORT GOLD

Past Market

Read our PRIOR daily commentaries on Bitcoin vs Gold here

See other content on bitcoin & digital currencies here

We wrote an article (8/17/16) going on the record saying bitcoin will outperform gold throughout the future. We continue that call.