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.
8/6/18 Closing Prices:
Bitcoin: $6,931.99 (-$533.06) (from Friday’s close)
Ethereum: $404.83 (-9.21) (from Friday’s close)
Gold: $1,208 (-$7) (from Friday’s close)
Dow Jones Industrials: 25,502.18 (+39.60)
S&P 500: 2,850.40 (+10.05)
Nasdaq Composite: 7,859.68 (+47.66)
Trading Summary Notes for Monday, 8/6/2018
- Persistent selling over the weekend drove BTC, ETH and GOLD lower again
- Negative news citing price manipulation in cryptos hurting. NOTE: almost all of the alleged manipulation happens in smaller obscure coins
- Lack of interest and lack of buyers dampening the markets.
- ETH weakest of the group. Next stop $350-$360?
- Geopolitical issues (trade wars, currency volatility, Mideast tensions, etc) having no effect on cryptos and gold (go figure)
- BTC and Gold just out of favor and moving lower. Strong fundamentals being ignored
- Hard to be bullish and long in weak markets. Have to look long term (old adage)
- 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