NEW THIS WEEK – A WHOLE NEW FORMAT FOR BITCOIN VS GOLD, INCLUDING A LINK TO THE NEW CME ETHEREUM INDEXES!
By Bill Taylor, Contributor
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.
5/29/18 Closing Prices:
Bitcoin: $7,423.04 (-$70.90) (from Friday’s close)
Ethereum: $559.56 (-40.92) (from Friday’s close)
Gold: $1,300 (-$2) (from Friday’s close)
Dow Jones Industrials: 24,361.45 (-391.64)
S&P 500: 2,689.86 (-31.47)
Nasdaq Composite: 7,396.59 (-37.26)
Trading Summary Notes for Tuesday, 5/29/2018
- Long Memorial Day weekend increases crypto/gold volatility. Market liquidity dries up with lack of trading
- BITCOIN dips sharply, recover to minor loss (1%)
- ETHEREUM takes bigger dive. Suffers almost 7% loss
- GOLD rallies above $1,300, dips below $1,300 settles AT $1,300
- Italian election casts doubt on Euro’s future; Will Italy leave Euro? Will Spain be next?
- Confusing. News like that should have made gold rally strongly and help bitcoin
- U.S./North Korea summit uncertainty keeping things in check? Maybe
- UNCERTAINTY abounds and is ruling the markets. Summit talks on/off, interest rates up/down, dollar rallies/weakens. UNCERTAINTY causes dull uninspiring markets
- If gold drops back below $1,300 look for $1,285-$1,290 for support
- BITCOIN seems “firm” at $7,200-$7,400
- Currently neutral on gold, long term bullish on BTC & ETH
CURRENT TRADING POSITION: LONG BITCOIN
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews