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.
5/11/18 Closing Prices:
Bitcoin: $8,599.91 (-$737.09) Gold: $1,319 (-$2) Dow Jones Industrials: 24,831.17 (+91.64) S&P 500: 2,727.72 (+4.65) Nasdaq Composite: 7,402.88 (-2.09)
CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time IndexTrading Summary Notes for Friday, 5/11/2018
- BITCOIN buyers are nowhere to be found. Crypto interest seems to have died
- Have futures killed the underlying? Bitcoin futures are having a dampening effect as futures volume increases
- So many things that SHOULD be bullish for bitcoin don't seem to be working. Hmmmmm!
- GOLD backs off $2.00 after yesterday's nice rally
- Still needing a solid close above $1,320 to be very bullish
- That would bring in buyers for a move back to $1,350-$1,355
- Our price target is $1,395-$1,400
CURRENT TRADING POSITION: Long BITCOIN & GOLD
CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews