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