Trading Analyst Todd Gordon: “There Is A Buying Opportunity in Bitcoin”

Investing, News | August 16, 2017 By:

Todd Gordon, the founder of TradingAnalysis.com, says there is “a buying opportunity in bitcoin.”

Speaking on CNBC’s Trading Nation show, Gordon said that there is little data showing that bitcoin and gold prices move in tandem, except for a brief recent period. Thus, bitcoin is the better bet for a rally.

In fact, Gordon contends, when gold prices drop, bitcoin tends to enjoy a bump upwards. “The three major peaks in gold were associated with bitcoin at $1,222, in June at $2,969, (and) $4,374,” said Gordon. “So as gold has triple topped at around $1,300, bitcoin is making new highs.”

Gold’s failure to go over the magic $1,300 mark indicates the “buying opportunity” in bitcoin, Gordon said.