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.
5/17/18 Closing Prices:
Bitcoin: $8,313.52 (+$111.50)
Gold: $1,290 (-$0-)
Dow Jones Industrials: 24,713.98 (-54.95)
S&P 500: 2,720.13 (-2.33)
Nasdaq Composite: 7,382.47 (-15.82)
Trading Summary Notes for Thursday, 5/17/2018
- 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