The Taylor Report-Bitcoin vs Gold vs Ethereum (8/2/18)

BITCOIN, ETHEREUM and GOLD All Under Pressure; Higher Interest Rates and Lack of Buyers to Blame


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)

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 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