The Taylor Report-Bitcoin vs Gold vs Ethereum (7/31/18)

End Of The Month Profit Taking; BITCOIN & ETHEREUM Drop; GOLD Adds $3.00


WE HOPE YOU ENJOY OUR NEW FORMAT FOR THE TAYOR REPORT – BITCOIN VS GOLD VS ETHEREUM, 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.

7/31/18 Closing Prices:

Bitcoin: $7,729.25  (-$404.07)
Ethereum: $430.52  (-$28.96) 
Gold: $1,225 (+$3) 
Dow Jones Industrials: 25,415.19 (+108.36)
S&P 500: 2,816.29 (+13.69)
Nasdaq Composite: 7,671.79 (+41.78)

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 Tuesday, 7/31/2018

  • After a nice strong rally, the end of the month brings profit taking to BITCOIN
  • ETHEREUM had a weaker rally so it dropped farther. ETH holders are a bit disappointed
  • BITCOIN is the market leader. ETH is “dead money” currently
  • Bounce back tomorrow…….first day of August?
  • “Buy the dip” mentality now in play for BITCOIN. Near term target still $9,500-$10,000
  • GOLD closed higher after a weak morning. Federal Reserve meeting this week. No change in interest rate this time expected
  • Concerns over dollar strength and interest rates are a headwind
  • Inflation concerns being overlooked by GOLD traders
  • Risk/reward in GOLD………..risking $20 (down to $1,200) to make $200 ($14,000 target)
  • GOLD……when there are no reasons to buy………that’s when you buy

CURRENT TRADING POSITION:  LONG BITCOIN AND GOLD



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