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.

8/30/18 Closing Prices:

Bitcoin: $6,862.07 (-$221.74) Ethereum: $278.12 (-$16.04) Gold: $1,201 (-$5) Dow Jones Industrials: 25,986.92 (-137.65) S&P 500: 2,901.13 (-12.91) Nasdaq Composite: 8,088.36 (-21.32)

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, 8/30/2018

  • BITCOIN, ETHER and GOLD rallies fizzle, prices soften in quiet trade
  • End of summer (August) always brings extremely quiet trading. That’s what happened today
  • After spending a few days over $7,000, BITCOIN backs down (testing $6,800 in late trade). Back to low $6,000's?
  • ETH can't break $300. Shadowing BTC..........but is much weaker (ETH $225-$250?)
  • GOLD stalled at $1,210. Now testing $1,200
  • Should GOLD break $1,195 a retest of $1,175-$1,180 is next
  • Upside targets; BTC $8,500; ETH $330-$340 (based on BTC strength); GOLD $1,245-$1,250
  • Downside targets; BTC $6,000; ETH $225; GOLD $1,175-$1,180
  • Long term bullish on BITCOIN and GOLD. Neutral on ETH.

CURRENT TRADING POSITION:

LONG BITCOIN and GOLD

Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews