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.
10/2/18 Closing Prices:
Bitcoin: $6,531.93 ($+5.91) Ethereum: $226.42 (-$0.13) Gold: $1,203 (+$13.00) Dow Jones Industrials: 26,733.94 (+122.73) S&P 500: 2,923.43 (-1.16) Nasdaq Composite: 7,999.55 (-937.76)
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 Tuesday, 10/2/2018
- BITCOIN adds $6.00, ETH drops 13 cents. So lets call it unchanged
- Both BTC and ETH held steady while going nowhere
- Looks like a very quiet and very solid floor is being put in place in the cryptos
- Gearing up for a big 4th quarter end of year rally? YES!
- BITCOIN downside support at $6,000, upside target $8,500
- ETH downside at $200, upside target $300
- GOLD gets a big rally as Amazon and others raise their minimum wage to $15
- Wage increases set the tone for inflationary pressures. Inflation always starts with wage inflation
- GOLD closing above $1,210 would be very positive. That is previous resistance
- 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