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)
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