Bitcoin IS the New Gold
In celebration of the Chicago Mercantile Exchange’s (CME) launch of two new bitcoin indexes (BRR & BRTI), FintekNews is comparing the price of bitcoin and gold on a daily basis.
Trading Notes for Tuesday, 3/9/17:
- Bitcoin stable awaiting SEC decision on ETF
- Short term trading after decision. Run up to $1300 was optimism for approval, Selloff on fears of no approval. Remember, this is a decision on the Winklevoss ETF. There are 2 more pending. 1) if SEC postpones decision till new head of SEC is appointed………its neutral 2) if decision is against ALL ETF’s…………its short term negative 3) if decision is on the Winklevoss ETF structure ONLY………….its short term bullish.
- On negative news BUY the dip ($1100-$1150)
- On #3 positive news expect top side resistance in the $1300-$1350 area
- On postponed decision us weakness to buy in the $1150 area
- Bitcoin may be holding in a trading range of $1100-$1300/$1350 for quite some time
- Long term bullish on bitcoin
- Gold…..why own it?…….looks to break $1200 and experience significant downside. Way over owned in this crowded trade with rising rates.
- LONG Bitcoin/SHORT Gold
Bitcoin vs. Gold Daily Pricing Chart
* Prices are from CME’s BRR index as of 4:15 EST; gold as of 4:15 EST near term future
** Inception began Aug. 17, 2016 (see FintekNews article)
We wrote an article (8/17/16) going on the record saying bitcoin will outperform gold throughout the future. The chart above compares the pricing on that date to the two most recent trading days, as reference. We at FintekNews have written (and are on record) of saying that bitcoin will outperform gold in the future.
Please see following FintekNews articles for reference on pricing in graph: