By Bill Taylor, Contributor/Fintek Capital
We compare the price of Bitcoin, Ethereum, & Gold, using the CME Bitcoin Indexes (BRR & BRTI) and the CME Ethereum Indexes (ETH_RR_USD) & (ETH_RTI_USD) for reference.
10/1/18 Closing Prices:
Bitcoin: 6,526.02 (-121.78) (from Friday's close) Ethereum: $226.55 (+$0.69) (from Friday's close) Gold: $1,190 (-$2.00) (from Friday's close) Dow Jones Industrials: 26,651.21 (+192.90) S&P 500: 2,924.59 (+10.61) Nasdaq Composite: 8,037.30 (-9.05)
CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time Index CME ETH_RR_USD Ethereum Reference Rate & CME ETH_RTI_USD Ethereum Real Time IndexT
rading Summary Notes for Monday, 10/1/2018
- BITCOIN trades all weekend in small range, finishes down $120 from Friday's close
- ETH trades up over the weekend but settle back to be basically unchanged from Friday's close
- GOLD pulled out of a couple sinking spells to climb back to where it finished on Friday
- Looks like a very quiet and very solid floor is being put in place in the cryptos; The GOLD floor is kind of a work in process
- All gearing up for a big 4th quarter end of year rally?
- BITCOIN downside support at $6,000, upside target $8,500
- ETH downside at $200, upside target $300
- GOLD under $1,200 is a super long term risk/reward play. Support at $1,175-$1,180 with an upside target of $1,350
- Long term bullish on BITCOIN and GOLD. Short term bullish on ETH
CURRENT TRADING POSITION:
LONG BITCOIN, ETH and GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor