BITCOIN New Highs; Gold Goes Nowhere

 

Bitcoin Gold
Welcome to our new streamlined format for Bitcoin vs Gold (and beyond) 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.

5/5/17 Closing Prices:

Bitcoin: $1,594.05 (+$9.42)
Gold:
 $1,229 ($+1.00)
Dow Jones Industrials: 21,006.94 (+55.47)
S&P 500: 2,399.29 (+9.77)
Nasdaq Composite: 6,100.76 (+25.42)

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

Trading Summary Notes for Thursday, 5/5/17:

  • Bitcoin challenges $1600. New highs and momentum strong
  • Bitcoin near term price target $1750-$1800
  • Traders should use sell stop at $1485-$1495.
  • Bitcoin long term uptrend intact.
  • Gold in a downtrend. Very weak
  • Gold near term downside price target $1175-$1185
  • No reason to own gold.
  • LONG BITCOIN/SHORT GOLD

Past Market

Read our PRIOR daily commentaries on Bitcoin vs Gold here

See other content on bitcoin & digital currencies here

We wrote an article (8/17/16) going on the record saying bitcoin will outperform gold throughout the future. We continue that call.