WE HOPE YOU ENJOY OUR NEW FORMAT FOR THE TAYOR REPORT – BITCOIN VS GOLD VS ETHEREUM, INCLUDING A LINK TO THE NEW CME ETHEREUM INDEXES!
By Bill Taylor, Contributor
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.
8/13/18 Closing Prices:
Bitcoin: $6,391.67 (-$46.50) (from Friday’s close)
Ethereum: $316.07 (-$43.72) (from Friday’s close)
Gold: $1,194 (-$18) (from Friday’s close)
Dow Jones Industrials: 25,187.70 (-125.44)
S&P 500: 2,821.93 (-11.35)
Nasdaq Composite: 7,819.71 (-19.40)
Trading Summary Notes for Monday, 8/13/2018
- Turmoil rocking markets. Currency weakness (Turkey, Iran, etc, etc) around the globe causing flight to the U.S dollar and hurting GOLD
- Fear of countries having to raise interest rates to support their fiat currencies also causing GOLD weakness
- Usually (USUALLY) a currency crisis is a strong catalyst for GOLD. Is the market wrong? Inflation still a bigger threat. GOLD buying opportunity?
- GOLD $1,175-$1,180 could be a good entry area
- Crypto panic may be coming. ETHEREUM trading under $300 after London close. BITCOIN lower after close too. Big breaks coming?
- ETH $250…..or even $200? Possible
- BTC holding up better than other cryptos. BTC is the quality holding, BUT if things get “panicky” BITCOIN could well see $4,500-$5,000
- Selling climax would be a tremendous buying opportunity. Panic at the top ($20,000) and a panic at the bottom (?)
- Long term bullish on BITCOIN and GOLD. Neutral on ETH. Hard to be bullish and long in weak markets
- WATCH OUT FOR A CRYPTO PANIC
CURRENT TRADING POSITION: LONG GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews