The Taylor Report-Bitcoin vs Gold vs Ethereum (8/3/18)

End of Week Sees BITCOIN Down, ETH & GOLD Up; Bad Week For All Three


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.

8/3/18 Closing Prices:

Bitcoin: $7,465.07 (-$64.87)
Ethereum: $414.34 (+3.42) 
Gold: $1,215 (+$6) 
Dow Jones Industrials: 25,462.58 (+136.42)
S&P 500: 2,840.35 (+13.13)
Nasdaq Composite: 7,812.02 (+9.33)

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 Friday, 8/3/2018

  • BITCOIN ends the week on a down note; Off for the week
  • ETHEREUM & GOLD inch up today, but off for the week
  • Geopolitical issues (trade wars, currency volatility, Mideast tensions, etc) having no effect on cryptos and gold (go figure)
  • Higher interest rates weighing more heavily on GOLD.
  • Should gold break $1,200 next stop could be $1,175-$1,180
  • ETH weakest of the group. Next stop $350-$360?
  • BTC still in uptrend BUT softens in ‘crypto sympathy
  • Inflation picking up being totally ignored. When traders actually realize inflation is a real threat………well, don’t be short
  • 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