The Taylor Report-Bitcoin vs Gold vs Ethereum (9/6/18)

BITCOIN & ETH (all Cryptos) Sink Further on Goldman News; GOLD Settles at $!,200, Up $4


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.

9/6/18 Closing Prices:

Bitcoin: $6,462.30 (-$547.15) 
Ethereum: $228.97  (-$29.97) 
Gold: $1,200 (+$4) 
Dow Jones Industrials: 25,995.87 (+20.88)
S&P 500: 2,878.05 (-10.55)
Nasdaq Composite: 7,922.73 (-72.45)

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 Thursday, 9/6/2018

  • The Goldman Sachs news of yesterday that it will DELAY setting up a crypto asset trading desk caused more selling today. BITCOIN drops $500, ETH sinks $30
  • Goldman blamed uncertain regulatory environment and current soft institutional interest for decision. Still plans to offer crypto custodian services
  • BITCOIN story still intact. With any new asset class there will be “fits and starts.” Still sticking to $8,500 near term target
  • Downside support areas;  BTC $6,000
  • ETH just hit our downside target of $225. May see $200
  • GOLD turned higher and settled at $1,200 after being up much higher earlier in the day
  • Inflation, geopolitical issues, currency problems, etc. being ignored by gold investors………FOR NOW
  • 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
  • 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