The Taylor Report-Bitcoin vs Gold vs Ethereum (10/16/18)

BITCOIN Up $60, Back Over $6,400; ETH Adds $4; GOLD Eases Off Recent Gains

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.

10/16/18 Closing Prices:

Bitcoin: $6,442.07 (+$58.55)
Ethereum: $204.35 (+$4.11) 
Gold: $1,224 (-$3.00) 
Dow Jones Industrials: 25,798.42 (+547.87) 
S&P 500: 2,809.92 (+59.13) 
Nasdaq Composite: 7,645.49 (+214.74) 

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, 10/16/2018

  • Slowly and quietly BITCOIN and ETH are sneaking up. Support areas are holding
  • Fidelity setting up “in-house” crypto solutions and NYSE’s Bakkt making crypto trading more credible
  • Institutions are going to be able to invest with more certainty and safety
  • While all the activity and interest are in equities, the cryptos are suffering neglect. But for how long?
  • So far GOLD has been the new rising star. Don’t look now (or do), BTC and ETH will be next
  • BITCOIN buying opportunity? I say YES. ETH? Cautious
  • GOLD,GOLD GOLD! That’s the gold we have been expecting and calling for. Traditional flight to safety.
  • GOLD upside target $1,350. Expect some “backing and filling” but buy the dips
  • BITCOIN downside support at $6,000, upside target $8,500
  • ETH downside at $185-$190 (new), upside target $300
  • Long term bullish on BITCOIN and GOLD. Short neutral bullish on ETH

CURRENT TRADING POSITION:  LONG BITCOIN, ETH and GOLD




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