Home The Taylor Report-Bitcoin vs Gold vs Ethereum BITCOIN Tests $10K Over the Weekend, Falls Back; GOLD Sits, Holds...

BITCOIN Tests $10K Over the Weekend, Falls Back; GOLD Sits, Holds $1,300 (5/7/18)

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.

5/7/18 Closing Prices:

Bitcoin:  $9,254.99  (-$400.11) (after Friday’s close) 
Gold:  $1,314  (-$0-) (after Friday’s close)
Dow Jones Industrials:  24,357.32  (+94.81)
S&P 500:  2,672.63  (+9.21)

Nasdaq Composite:  7,265.21  (+55.60)

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

Trading Summary Notes for Monday, 5/7/2018

  • $10,000 proved a big wall for BITCOIN over the weekend. Failed on THAT attempt, fell back Sunday and Monday
  • BITCOIN came under pressure as Warren Buffet, Charlie Munger and Bill Gates voiced their opinions on TV this morning
  • The “older” trio are in the minority and still keeping next price target at $12,000-$12,500
  • Goldman Sachs opening a bitcoin trading desk is a huge plus
  • GOLD attempting to build a base above $1,300
  • Inflation fears will heat up as wage gains begin become more prevalent
  • Uncertainty in gold trade while waiting for President Trump to announce decision on Iran nuclear deal
  • A close above $1,320 would bring in buyers for a move back to $1,350-$1,355

CURRENT TRADING POSITION:  Long BITCOIN & GOLD