The Taylor Report-Bitcoin vs Gold vs Ethereum (11/6/18)

BITCOIN and ETH Rally Continues; Moving Higher; GOLD Softens After 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.

11/6/18 Closing Prices:
Bitcoin:  $6,426.73 (+$17.46)
Ether:  $214.94 (+$5.45)
Gold:  $1,226 (-$5) 
DJIA: 25,635.01 (+173.31) 
S&P 500: 2,755.45 (+17.14) 
Nasdaq Comp: 7,375.96 (+47.11) 

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, 11/6/2018

  • The BITCOIN & ETH ‘stealth’ rally continues. Slowly, with no fanfare, a steady climb is beginning
  • Weekend news of a hard fork in Bitcoin Cash still having a positive effect on all cryptos (digital currencies)
  • There seems to be a more positive ‘tone’ to the markets. A move above $6,500 for BITCOIN would be very positive
  • Both BTC and ETH (cryptos in general) seem poised to break out of the doldrums and move higher. Timing is always the issue, but it seems close
  • 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
  • After some very sharp gains, GOLD experienced some softness today. GOLD’S upside still appears intact……….buy the dips
  • GOLD upside target $1,350. Yes, that’s $1,350. Expect some “backing and filling”
  • Inflation IS picking up led by strong wage demands. Wage inflation always leads to price inflation
  • 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