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.
1/16/18 Closing Prices:
Bitcoin: $12,176.44 (-$1,647.81) (from Friday 1/12)
Gold: $1,339 (-$0-) (from Friday 1/12)
Dow Jones Industrials: 25,792.86 (-10.33)
S&P 500: 2,776.42 (-9.82)
Nasdaq Composite: 7,223.69 (-37.38)
Trading Summary Notes for Tuesday, 1/16/2018
- BITCOIN (all cryptos) experience massive selloffs. Long US holiday over, selling hits
- Same old, same old. South Korea threatens to ban bitcoin trading. China wants to crack down on miners. “Trash talking” central banks scaring markets
- No new reasons to buy bitcoin. Upside momentum has given way to global selling.
- Bitcoin had become very over owned. Time to sit back and let weak hands liquidate
- GOLD holds all the gains of past few weeks.
- Weak dollar and inflation fears give gold strength
- Resistance and near term price target of $1,350 getting close
- A big story for 2018? Inflation led by strong wage increases. Great story for gold
- Top 2018 “HOT” picks………..both BITCOIN & GOLD
CURRENT TRADING POSITION: Long GOLD