The Taylor Report-Bitcoin vs Gold vs Ethereum (9/10/18)

ETHEREUM In 'Free Fall', BITCOIN Drops To $6,300 (Tax Selling?); GOLD Unchanged


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.

9/10/18 Closing Prices:

Bitcoin: $6,306.1 (-$136.99) (from Friday’s close)
Ethereum: $195.33 (-$24.73) (from Friday’s close)
Gold: $1,196 (-$0-) (from Friday’s close)
Dow Jones Industrials: 25,857.07 (-59.47)
S&P 500: 2,877.13 (+5.45)
Nasdaq Composite: 7,924.16 (+21.62)

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 Monday, 9/10/2018

  • Rough weekend for BITCOIN but tragic for ETH. ETHEREUM settles under $200 and weaker in late trading
  • BITCOIN, and all cryptos facing, some tax selling pressure?
  • Case for BITCOIN still intact and, in fact, getting stronger as it is emerging as the premier crypto
  • Downside support at $6,000, upside target $8,500
  • ETHEREUM breaking under our target of $200. Selling pressure continues, very difficult to assess a downside target
  • GOLD stable at just under $1,200, unchanged on the weekend
  • Wage inflation beginning to become a hot topic. Price inflation tends to follow higher wages. INFLATION very underestimated
  • So far, $1,190-$1,195 is holding. After that $1,175-$1,180 is support. Its all about the dollar
  • Getting VERY bullish on GOLD. A solid close above $1,210 should bring in buyers; target $1,250
  • 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