BITCOIN Takes a Dive, Party Over?; GOLD Eases Slightly (5/11/18)

 Bitcoin Gold


By Bill Taylor, Contributor

We compare 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.

5/11/18 Closing Prices:

Bitcoin:  $8,599.91  (-$737.09) 
Gold:  $1,319  (-$2)
Dow Jones Industrials:  24,831.17  (+91.64)
S&P 500:  2,727.72  (+4.65)

Nasdaq Composite:  7,402.88  (-2.09)

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

Trading Summary Notes for Friday, 5/11/2018

  • BITCOIN buyers are nowhere to be found. Crypto interest seems to have died
  • Have futures killed the underlying? Bitcoin futures are having a dampening effect as futures volume increases
  • So many things that SHOULD be bullish for bitcoin don’t seem to be working. Hmmmmm!
  • GOLD backs off $2.00 after yesterday’s nice rally
  • Still needing a solid close above $1,320 to be very bullish
  • That would bring in buyers for a move back to $1,350-$1,355
  • Our price target is $1,395-$1,400

CURRENT TRADING POSITION:  Long BITCOIN & GOLD



CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time


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