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)
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