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.
5/16/18 Closing Prices:
Bitcoin: $8,202.02 (-$430.81)
Gold: $1,290 (-$2)
Dow Jones Industrials: 24,768.93 (+62.52)
S&P 500: 2,722.46 (+11.01)
Nasdaq Composite: 7,398.29 (+46.67)
Trading Summary Notes for Wednesday, 5/16/2018
- Have sellers taken over the BITCOIN trade? Too many longs in the world?
- Are there too many other cryptos to divert bitcoin buyers?
- Certainly increased futures trading has dampened volatility
- Traders should be using stops just in case something gets ‘ugly’
- Bitcoin price ‘action’ not a positive currently
- Higher dollar and fears of more interest rate hike hurting GOLD
- Inflation fears/expectations, political uncertainties are being ignored currently
- Neutral on gold; may see more weakness
CURRENT TRADING POSITION: Long BITCOIN