Late Afternoon Party, BTC & ETH Rocket Up 8%-10%, GOLD Not Invited, Drops $13 (7/17/18)

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.

7/17/18 Closing Prices:

Bitcoin: $6,716.69 (+$104.00) 
Ethereum: $468.68 (-$3.38) 
Gold: $1,228 (-$13) 
Dow Jones Industrials: 25,119.89 (+55.53)
S&P 500: 2,809.55 (+11.12)
Nasdaq Composite: 7,855.12 (+49.40)

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, 7/17/2018

  • Crypto explosion. After London close BITCOIN trades over $7,300, ETHEREUM over $500
  • 8%-10% jump in prices in just over 30 minutes
  • Better news of last week was overlooked…….South Korea to regulate cryptoexchanges, BlackRock exploring bitcoin products, Goldman Sachs new CEO very crypto friendly, etc.
  • After subdued volume of late, today’s volume spiked. Selling slows and good news comes……and upside explodes
  • Looks like the $6,000 + – area may have been the bottom on this year’s selloff (as we have written about)
  • (from last several days writing) Risk/reward here too good to pass up. BTC……risking $2,000 (down to $4,500) to make $13,000 (back to $20K). Great odds
  • GOLD drops big. Getting hard to find gold bulls
  • Gold looks to test $1,200
  • GOLD searching for a bottom. It’s around here somewhere. Inflation will trump other “fears”
  • Inflation is here and heating up. Gold investors/traders not paying attention…….yet
  • Risk/reward in gold………..risking $25 (down to $1,200) to make $175 ($14,000 target)

CURRENT TRADING POSITION:  LONG BITCOIN AND GOLD



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