Is BITCOIN Dying? Another Big Drop. No Rally For GOLD After Huge Drop (5/16/18)

 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.

5/16/18 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)

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

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 


CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time