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.
12/11/18 Closing Prices: Bitcoin: $3,335.12 (-$76.20) Ether: $86.28 (-$2.23) Gold: $1,243 (-$0-) DJIA: 24,370.24 (-53.02) S&P 500: 2,636.78 (-0.94) Nasdaq Comp: 7,031.83 (+11.31)
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, 12/11/2018
- Stating the obvious, BITCOIN and ETH are wrapping up the year with a whimper and ending on a very soft note..........and a HUGE decline
- So is this the end of the year for BTC and ETH (all cryptos)? All the weakness of late may be because every crypto bull is just 'lightening up' their positions
- To be blunt; Every BITCOIN bull has been WRONG! And, the bigger the bull the more wrong they were. Looks like everyone with crypto positions is throwing in the towel
- WAIT TILL NEXT YEAR is the new battle cry, and with everybody getting out (and depressed) next year probably will be "the year"
- In the meantime.......If you are bullish (I am) buy some BITCOIN here and add to it on a dip, averaging in with stops at $3,250
- GOLD is holding recent strong gains and poised to move higher
- Possible near term resistance around $,1250-$1,255
- GOLD continues to look super positive breaking out to the upside (as predicted). It is becoming more and more evident that GOLD bottomed just under $1,200 and is in the early stages of a long term bull market
- Upside target remains $1,350 (yes, $1,350)
- Long term bullish on BITCOIN, GOLD. Now neutral on ETH
Current trading positions; LONG BITCOIN AND GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor
CURRENT TRADING POSITION:
LONG BITCOIN & GOLD