Gold Rallies on Dollar Weakness & Short Covering; Bitcoin Sinks

Bitcoin vs Gold for 3/16/17

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.

Read our prior daily commentaries on Bitcoin vs Gold here

Trading Summary Notes for Thursday, 3/16/17:

  • Bitcoin takes a hit. Mentioned yesterday it was “exceptionally strong”. Wrong for now.
  • Resistance still $1300-$1350. Lower downside buy to $1025-$1075 FROM $1075-$1125.
  • Bitcoin may retest last week’s low of $1020
  • Bitcoin looks to be in trading range of $1000-$1300-1350
  • Gold experiencing short covering. New buyers will be disappointed. Dollar weakness won’t last.
  • Gold resistance at $1250. May not get that far.
  • Still significant downside risk.
  • LONG Bitcoin/SHORT Gold               Everyday isn’t a winner. Wish it was.

Bitcoin vs. Gold Daily Pricing Chart

See other content on bitcoin & digital currencies here

* 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)

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

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:

BITCOIN-GOLD UPDATE (Published 10/26/16)
BITCOIN-GOLD: $2K $3K? Published 8/17/16)