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.
8/2/18 Closing Prices:
Bitcoin: $7,529.93 (-$70.25)
Ethereum: $410.92 (-$12.43)
Gold: $1,209 (-$8)
Dow Jones Industrials: 25,326.16 (-7.66)
S&P 500: 2,827.22 (+13.86)
Nasdaq Composite: 7,802.69 (+95.40)
Trading Summary Notes for Thursday, 8/2/2018
- BITCOIN, ETHEREUM and GOLD all under selling pressure
- Higher interest rates weighing more heavily on GOLD. Should gold break $1,200 next stop could be $1,175-$1,180
- Do interest rates affect cryptos? Shouldn’t, but is a correlation forming?
- ETH looks to break $400. Next stop $350-$360
- BITCOIN soft but still the strongest in the crypto field
- ETH looks very weak, BTC still in uptrend BUT softens in ‘crypto sympathy
- Inflation concerns being overlooked by GOLD traders
- Hard to be bullish and long in weak markets. Have to look long term (old adage)
CURRENT TRADING POSITION: LONG BITCOIN AND GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews