BITCOIN SLIDE OVER? MAYBE! GOLD RALLY OVER? NO WAY! (9/5/17)

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.

9/5/17 Closing Prices:

Bitcoin:  $4,380.05  (+$21.85)
Gold:  $1,342  (+$8.00)
Dow Jones Industrials:  21,753.31  (-234.25)
S&P 500:  2,457.85  (-18.70) 

Nasdaq Composite:  6,375.57 
(-59.76)

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

Trading Summary Notes for Tuesday, 9/5/2017

  • BITCOIN (all cryptos) hit hard over the weekend with China banning ICO’s
  • $5,000 reached, touched and celebrated. Top for now? Too soon to tell
  • Bitcoin needs to settle down and firm up. Maybe a little more weakness before resuming long term up trend.
  • Buy the bitcoin dips. $4,100-$4,200? Good place.
  • GOLD extremely strong. Looks like interest rates may NOT be raised in December
  • Gold very under owned with demand picking up. Geopolitical events helping.
  • GOLD upside target of $1,350. That’s for short term traders and may be low
  • LONG TERM BULLISH ON BITCOIN & GOLD

Current TRADING Positions:  LONG GOLD

Past Market

 

Read our PRIOR daily commentaries on Bitcoin vs Gold here

See other content on bitcoin & digital currencies here