BITCOIN Sinks Lower, Holds $8,000; GOLD Inches Up $2.00 in Dull Trade (5/18/18)

Bitcoin Gold


COMING NEXT WEEK – A WHOLE NEW FORMAT FOR BITCOIN VS GOLD!
IN THE MEANTIME…..

By Bill Taylor, Contributor

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

5/18/18 Closing Prices:

Bitcoin:  $8,072.89  (-$240.63)
Gold:  $1,292  (+$2) 
Dow Jones Industrials:  24,715.09  (+1.11)
S&P 500:  2,712.97  (-7.16)

Nasdaq Composite:  7,354.34  (-28.13)

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

Trading Summary Notes for Friday, 5/18/201

  • Sellers taken over the BITCOIN trade. Too many longs in the world?
  • SOLD BITCOIN AT $8,190 ON STOP
  • More sellers than buyers may cause bitcoin to trade lower. $7,000-$7,500?
  • Bitcoin price ‘action’ not a positive currently
  • Higher dollar and fears of more interest rate hike hurting GOLD
  • Gold steadies at $1,285-$1,290. No interest in precious metals currently
  • Inflation fears/expectations, political uncertainties are being ignored
  • Neutral on gold; may see more weakness

CURRENT TRADING POSITION:   NO CURRENT POSITIONS



CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time


Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews