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)
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