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

BITCOIN, ETH and GOLD Unaffected By Huge Equity Selloff; Minor Changes in Each

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.

10/10/18 Closing Prices:

Bitcoin: $6,508.63  (-$56.70)  
Ethereum: $223.23 (-$12.47) 
Gold: $1,193 (+$2.00) 
Dow Jones Industrials: 25,598.74 (-831.83)
S&P 500: 2,785.68 (-94.66)
Nasdaq Composite: 7,422.05 (-315.97)

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 Wednesday, 10/10/2018

  • Big U.S. equity market selloff has no effect on BITCOIN, ETH or GOLD
  • Not much change from yesterday. Cryptos in general are suffering from lack of interest even though the crypto fundamentals keep improving
  • Gearing up for a big 4th quarter end of year rally? May be a safe bet…….and profitable
  • BITCOIN downside support at $6,000, upside target $8,500
  • ETH downside at $200, upside target $300
  • After a “sloppy” morning of minor moves, GOLD holds support and finishes higher on the day
  • Strong dollar and thoughts (or fears) of higher interest rates push GOLD lower, BUT just under $1,200 has strong support. Buy the dips
  • Higher rates rattle equities in the U.S. BUT GOLD has been pricing all that in for weeks
  • Support at $1,175-$1,180. Upside target $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