The Taylor Report-Bitcoin vs Gold vs Ethereum (10/28/18)

BITCOIN And ETH Stable All Weekend, Little Changes; GOLD Holds 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.

10/28/18 Closing Prices:
Bitcoin:  $6,404.25 (+$8.15)
Ether:  $202.08 (+$1.45)
Gold:  $1,234 ($2) (From Friday’s close)
DJIA: 24,688.31 (-296.24) (From Friday’s close)
S&P 500: 2,658.69 (-45.88) (From Friday’s close)
Nasdaq Comp: 7,167.21 (-151.12) (From Friday’s close)

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 Sunday, 10/28/2018

  • Going nowhere, that’s the story of BITCOIN and ETH. All the “action” is in the equity markets.
  • Dollar strength is being blamed for the equity weakness BUT not affecting GOLD like a few weeks ago. Uncertainty and inflation fears helping GOLD
  • BITCOIN seems to have found a ‘home’ at $6,400 +/- area. Pausing for the next move up?
  • ETH seems the $200 +/- area is a good place. Basing for a move higher?
  • Very positive risk/reward for buying BTC and ETH
  • BITCOIN downside support at $6,000, upside target $8,500
  • ETH downside at $185-$190, upside target $300
  • GOLD looks to have broken out of long time $1,200 +/- area
  • GOLD upside target $1,350. Yes, that’s $1,350. Expect some “backing and filling” but buy the dips
  • 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