Early Rally for GOLD, BITCOIN & ETHEREUM; Afternoon Weakness (6/6/18)

bitcoin gold


WE HOPE YOU ENJOY OUR NEW FORMAT FOR BITCOIN VS GOLD, INCLUDING A LINK TO THE NEW CME ETHEREUM INDEXES! 

By Bill Taylor, Contributor

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.

6/6/18 Closing Prices:

Bitcoin:  $7,630.77   (+229.92)
Ethereum:  $608.57 (+24.65) 
Gold:  $1,297 (-$0-) 
Dow Jones Industrials:  25,146.39  (+346.41)
S&P 500:  2,772.35  (+23.55)

Nasdaq Composite:  7,689.24 (+51.38)

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 Index

Trading Summary Notes for Wednesday, 6/6/2018

  • BITCOIN rallies over $7,600, falls back later in afternoon. Still closes higher on day
  • ETHEREUM rallies over $600, falls back later in afternoon. Still closes higher on day
  • GOLD tries to pierce $1,300, fall back to unchanged
  • Volatility and trading interest are on summer vacation
  • STRONG case can be made for BITCOIN, ETHEREUM and GOLD building longer term base at these levels
  • Patience. Although beginning to look “interesting”, may have to look more long term rather than short term trade.
  • Choppy (not volatile) markets may be here for a while
  • Currently neutral on gold, long term bullish on BTC & ETH

CURRENT TRADING POSITION:  LONG BITCOIN




Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews