The Taylor Report-Bitcoin vs Gold vs Ethereum (9/4/18)

BITCOIN Solidly Above $7,000; ETH Inches Up With BTC; GOLD Drops Below $1,200


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.

9/4/18 Closing Prices:

Bitcoin: $7,369.30 (+$443.74) (from Friday’s close)
Ethereum: $289.04 (+$11.81) (from Friday’s close)
Gold: $1,193 (-$7) (from Friday’s close)
Dow Jones Industrials: 25,952.48 (-12.34)
S&P 500: 2,896.72 (-4.80)
Nasdaq Composite: 8,091.25 (-18.29)

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, 9/4/2018

  • A good long weekend for BITCOIN and ETHEREUM; GOLD, not so much
  • BITCOIN continues to be the crypto leader. Solid upside momentum, upside target $8,500
  • ETHEREUM is following BTC, but at a slower pace. If BTC gets to $8,500 (as expected) ETH should see $330-$340.
  • Going to hard to get ETH through $300
  • Think of BITCOIN being gold and ETH being silver. One always lags
  • GOLD is being held hostage to the dollar. Dollars strength=gold weakness
  • GOLD breaking $1,195 should trigger a retest of $1,175-$1,180
  • Inflation, geopolitical issues, currency problems, etc. being ignored by gold investors………FOR NOW
  • Downside support areas;  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