The Taylor Report-Bitcoin vs Gold vs Ethereum (8/7/18)

BITCOIN, ETH and GOLD All Rally Early; Weak Rally With Late Selloffs


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.

8/7/18 Closing Prices:

Bitcoin: $7.072.67 (+$140.68)
Ethereum: $407.85 (+3.02) 
Gold: $1,211 (+$3) 
Dow Jones Industrials: 25,628.91 (+126.73)
S&P 500: 2,858.45 (+8.05)
Nasdaq Composite: 7,883.66 (+23.99)

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 Tuesday, 8/7/2018

  • BITCOIN, ETHEREUM and GOLD all move higher
  • After close, BITCOIN drops under $7,000; ETH drops under $400
  • ETH weakest of the group. Next stop $350-$360?
  • Appears most of the selling is coming late and from the U.S.
  • Lack of interest and lack of buyers dampening the markets.
  • Bitcoin back to $6,000?
  • GOLD trying hard to shake off strong dollar headwinds
  • 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
  • Long term bullish on BITCOIN and GOLD. Neutral on ETH. Hard to be bullish and long in weak markets.

CURRENT TRADING POSITION:  LONG BITCOIN AND GOLD



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