The Taylor Report-Bitcoin vs Gold vs Ethereum (1/7/19)

BITCOIN Back Over $4,000 On New Year Buying; GOLD Testing $1,300

Bill Taylor

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.

1/7/19 Closing Prices:

Bitcoin:  $4022.42 (+$193.09)
Ether:  $152.69 (+$.25)
Gold:  $1,288 (+$5.00)
DJIA:  23,531.35 (+98.19)
S&P 500:  2,549.69 (+17.75)
Nasdaq Comp:  6,823.47 (+84.61)

Trading Summary Notes for Monday, 1/7/2019

  • BITCOIN rallies up to over $4,000 on new money allocation to start 2019. It appears some fresh money is beginning to “nibble” at BTC
  • ETH does not see the new money flow. Stays solid around $150
  • ETH will always be following BITCOIN so as BTC moves higher expect ETH to “tag along”
  • BITCOIN needs to stay above $4,000 for a period of time to “prove” and confirm a new move higher is coming. A move above $4,200 would be very bullish. Expect $6,000-$6,500 to be the next target
  • If BTC moves to the $6,000+ area ETH should see $200
  • GOLD is testing $1,300 after a strong year end rally (up over 7%) and beginning a long term uptrend
  • A slight pullback in GOLD to $1,255-$1,265 would not be unexpected. Buy the dips
  • A close above $1,305 would be very bullish. Upside target is $1,400

Current trading positions; LONG BITCOIN AND GOLD

Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor