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.
11/4/18 Closing Prices:
Bitcoin: $6,364.84 (+$36.28)
Ether: $202.05 (+$3.55)
Gold: $1,233 (+$2)
(from Friday's close)
DJIA: 25,270.83 (-109.91)
(from Friday's close)
S&P 500: 2,723.06 (-17.31)
(from Friday's close)
Nasdaq Comp: 7,356.99 (-77.06)
(from Friday's close)
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 Sunday, 11/4/2018
- After spending the weekend drifting around, both BITCOIN and ETH take a big jump up in Sunday afternoon trading on news of Bitcoin Cash getting a hard fork
- BITCOIN back above $6,400; ETH up to $213
- Both BTC and ETH (cryptos in general) seem poised to break out of the doldrums and move higher. Timing is always the issue, but it seems close
- Very positive risk/reward for buying BTC and ETH
- BITCOIN downside support at $6,000, upside target $8,500
- ETH downside at $185-$190, upside target $300
- GOLD is holding sharp gains of the past week. Very bullish
- Inflation IS picking up led by strong wage demands. Wage inflation always leads to price inflation. Very bullish for GOLD
- GOLD upside target $1,350. Yes, that’s $1,350. Expect some “backing and filling” but buy the dips
- 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