The Taylor Report-Bitcoin vs Gold vs Ethereum (10/2/18)

BITCOIN & ETH Basically Unchanged (Really); GOLD Jumps $13.00 On Inflation Fears (Wage Hikes)

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.

10/2/18 Closing Prices:

Bitcoin: $6,531.93 ($+5.91)  
Ethereum: $226.42 (-$0.13) 
Gold: $1,203 (+$13.00) 
Dow Jones Industrials: 26,733.94 (+122.73)
S&P 500: 2,923.43 (-1.16)
Nasdaq Composite: 7,999.55 (-937.76)

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, 10/2/2018

  • BITCOIN adds $6.00, ETH drops 13 cents. So lets call it unchanged
  • Both BTC and ETH held steady while going nowhere
  • Looks like a very quiet and very solid floor is being put in place in the cryptos
  • Gearing up for a big 4th quarter end of year rally?  YES!
  • BITCOIN downside support at $6,000, upside target $8,500
  • ETH downside at $200, upside target $300
  • GOLD gets a big rally as Amazon and others raise their minimum wage to $15
  • Wage increases set the tone for inflationary pressures. Inflation always starts with wage inflation
  • GOLD closing above $1,210 would be very positive. That is previous resistance
  • 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