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)
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