Welcome to our new streamlined format for Bitcoin vs Gold and look for additional changes over the coming weeks, including a new logo and more.
FintekNews compares the price of Bitcoin, Gold & Major Market Averages on a daily basis. FintekNews uses the Chicago Mercantile Exchange’s (CME) bitcoin indexes (BRR & BRTI) for bitcoin pricing.
5/2/17 Closing Prices:
Bitcoin: $1,464.71 (+$47.17)
Gold: $1,257 ($.00)
Dow Jones Industrials: 20,949.89 (+36.43)
S&P 500: 2,391.17 (+2.84)
Nasdaq Composite: 6,095.37 (+3.76)
Trading Summary Notes for Thursday, 5/2/17:
- Bitcoin moves up sharply to new all time highs
- Bitcoin is right in the center of my near term target area…..$1425-$1475
- Bitcoin is in a LONG term solid upward trend (see previous FintekNews articles)
- Short term bitcoin traders may want to take some profits OR place some sell stops
- Bitcoin sell stops should be placed at $1350-$1375
- Gold is trending DOWN. No reason to own it.
- Gold is no longer the safe haven it once was.
- Should Gold close below $1250 shorts can be placed. Move to $1175-$1190 expected.
- BITCOIN IS THE NEW GOLD for a “safe haven” trade
CURRENT POSITION: LONG BITCOIN
We wrote an article (8/17/16) going on the record saying bitcoin will outperform gold throughout the future. We continue that call.