BITCOIN & GOLD BOTH JUMP (bitcoin more); RISK ON TRADE vs EQUITIES? (10/19/17)

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.

10/19/17 Closing Prices:

Bitcoin:  $5,721.63   (+$546.92)
Gold:  $1,289  (+$8)
Dow Jones Industrials:  23,163.04  (+5.44)
S&P500:  2,562.10  (+0.84) 

Nasdaq Composite: 6,605.07 
(+19.15)

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

Trading Summary Notes for Thursday, 10/19/2017

  • BITCOIN rockets up as a “risk on” trade. PBOC (Peoples Bank of China) makes scary markets comments
  • CORRELATION? Equities sell off, bitcoin rallies. Markets firm up, bitcoin softens
  • Looks like (for now) bitcoin is trading like a flight to safety
  • Bitcoin traders; Sell the ‘pop’, buy the ‘drop’. Long term traders……….yawn
  • GOLD rallies back up toward $1,300. That’s resistance now.
  • Same comment above apply to gold
  • May test the $1,250-$1,255 area. Lets be a buyer in that area
  • LONG TERM BULLISH ON BITCOIN AND GOLD

Current TRADING Positions:  NO current TRADING positions

 

Read our PRIOR daily commentaries on Bitcoin vs Gold here
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