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)
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