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)
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