While gold slumps, bitcoin surges

The price of bitcoin on the coin base exchange is up nearly $1000 on the day to $19,400 The high for the day reached $19,423.

While gold slumps, bitcoin surges

The surge higher today takes the price of the digital currency closer to its all-time high price from December 2017 at $19,891.99 on the Coinbase exchange. The price of the digital currency is up nearly 100% from the September lows.

Meanwhile Gold continues to slump with it testing its 200 day moving average at $1796. The low for gold has reached $1801.72. Traders are selling gold buying bitcoin.

Drilling to the hourly chart below, the price today moved above the high from last week at $18,980. Stay above that level is more bullish going forward. A move below could see some profit taking but buyers are still firmly in control.

On the topside, a trendline connecting highs cuts across near $19572. Getting above it and the all time high opens up a run toward the magical $20,000 level. Meanwhile the Dow is also looking toward its next key milestone at the 30,000 level. It just reached a new record high at 29974.54.

Bitcoin on the hourly chart