The Taylor Report-Bitcoin vs Gold vs Ethereum (10/1/18)

BITCOIN, ETH and GOLD Wandering Around All Weekend and Today. Little Change

Bill Taylor


By Bill Taylor, Contributor/Fintek Capital

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.

10/1/18 Closing Prices:

Bitcoin: 6,526.02 (-121.78)  (from Friday’s close)
Ethereum: $226.55 (+$0.69) (from Friday’s close)
Gold: $1,190 (-$2.00) (from Friday’s close)
Dow Jones Industrials: 26,651.21 (+192.90)
S&P 500: 2,924.59 (+10.61)
Nasdaq Composite: 8,037.30 (-9.05)

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, 10/1/2018

  • BITCOIN trades all weekend in small range, finishes down $120 from Friday’s close
  • ETH trades up over the weekend but settle back to be basically unchanged from Friday’s close
  • GOLD pulled out of a couple sinking spells to climb back to where it finished on Friday
  • Looks like a very quiet and very solid floor is being put in place in the cryptos; The GOLD floor is kind of a work in process
  • All gearing up for a big 4th quarter end of year rally?
  • BITCOIN downside support at $6,000, upside target $8,500
  • ETH downside at $200, upside target $300
  • GOLD under $1,200 is a super long term risk/reward play. Support at $1,175-$1,180 with an upside target of $1,350
  • Long term bullish on BITCOIN and GOLD. Short term bullish on ETH

CURRENT TRADING POSITION:  LONG BITCOIN, ETH and GOLD




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