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.
11/6/18 Closing Prices:
Bitcoin: $6,426.73 (+$17.46)
Ether: $214.94 (+$5.45)
Gold: $1,226 (-$5)
DJIA: 25,635.01 (+173.31)
S&P 500: 2,755.45 (+17.14)
Nasdaq Comp: 7,375.96 (+47.11)
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, 11/6/2018
- The BITCOIN & ETH 'stealth' rally continues. Slowly, with no fanfare, a steady climb is beginning
- Weekend news of a hard fork in Bitcoin Cash still having a positive effect on all cryptos (digital currencies)
- There seems to be a more positive 'tone' to the markets. A move above $6,500 for BITCOIN would be very positive
- 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
- After some very sharp gains, GOLD experienced some softness today. GOLD'S upside still appears intact..........buy the dips
- GOLD upside target $1,350. Yes, that’s $1,350. Expect some “backing and filling”
- Inflation IS picking up led by strong wage demands. Wage inflation always leads to price inflation
- 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