Going Nowhere. BITCOIN & ETHEREUM Score Minor Monday Gains. GOLD Softens (6/4/18)

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.

6/418 Closing Prices:

Bitcoin:  $7,480.08   (+59.52) (from Friday’s close)
Ethereum:  $574.10 (+2.23) (from Friday’s close)
Gold:  $1,293 (-$1) (from Friday’s close)
Dow Jones Industrials:  24,813.69 (+178.48)
S&P 500:  2,746.87 (+12.25)

Nasdaq Composite: 7,606.46 (+52.13)

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 Monday, 6/4/2018

  • Weekend strength in BITCOIN fades on Sunday, but Monday brings a slight rally
  • ETHEREUM trades above $600 over the weekend, closes lower Sunday and rallies Monday
  • Looking at both cryptos, nothing happening. $7,500 BITCOIN and $600 ETHEREUM seem to be the magnet drawing prices to those numbers
  • Volatility non-existent. Traders strike? Building a base? Both?
  • GOLD struggles around $1,300. Trade wars vs higher interest rates create a tug-o-war
  • Just like the two cryptos, GOLD $1,300 seems like a magnet
  • Strong case can be made for BITCOIN, ETHEREUM and GOLD building longer term base at these levels
  • 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