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.
9/7/18 Closing Prices:
Bitcoin: $6,443.11 (-$19.19)
Ethereum: $220.06 (-$8.91)
Gold: $1,196 (-$4)
Dow Jones Industrials: 25,916.54 (-79.33)
S&P 500: 2, 871.68 (-6.37)
Nasdaq Composite: 7,902.54 (-20.18)
Trading Summary Notes for Friday, 9/7/2018
- Nothing new since yesterday. ETH worst acting (off $9), BTC firming up around the $6,400 area (off $19) and dollar perked up so GOLD ticked down. BIG YAWN!
- SO, same old same old from yesterday
- 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 (and went through) our downside target of $225. May see $200
- GOLD turned lower and settled at $1,196 after being up a little 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