The Taylor Report-Bitcoin vs Gold vs Ethereum (9/5/18)

BITCOIN (Crypto) Sinks on Goldman News; GOLD Slinks Back Up


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.

9/5/18 Closing Prices:

Bitcoin: $7,009.45  (-$359.85) 
Ethereum: $258.94 (-$30.49) 
Gold: $1,196 (+$3) 
Dow Jones Industrials: 25,974.99 (+22.51)
S&P 500: 2,888.60 (-8.12)
Nasdaq Composite: 7,995.17 (-96.07)

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 Wednesday, 9/5/2018

  • Goldman Sachs announcement that it will DELAY opening a crypto asset trading desk knocks BITCOIN down under $7,000 before slight recovery
  • Goldman blames uncertain regulatory environment, still plans to offer crypto custodian services
  • ETHEREUM drops even harder (other cryptos too), down $30. Lower in late trading
  • With any new asset class there will be “fits and starts.” BITCOIN story still intact (Goldman buying??); Still sticking to $8,500 near term target
  • Downside support areas;  BTC $6,000;  ETH $225
  • GOLD holds just under $1,200. GOLD is being held hostage to the dollar
  • 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
  • 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