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.
10/10/18 Closing Prices:
Bitcoin: $6,508.63 (-$56.70) Ethereum: $223.23 (-$12.47) Gold: $1,193 (+$2.00) Dow Jones Industrials: 25,598.74 (-831.83) S&P 500: 2,785.68 (-94.66) Nasdaq Composite: 7,422.05 (-315.97)
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 IndexT
rading Summary Notes for Wednesday, 10/10/2018
- Big U.S. equity market selloff has no effect on BITCOIN, ETH or GOLD
- Not much change from yesterday. Cryptos in general are suffering from lack of interest even though the crypto fundamentals keep improving
- Gearing up for a big 4th quarter end of year rally? May be a safe bet.......and profitable
- BITCOIN downside support at $6,000, upside target $8,500
- ETH downside at $200, upside target $300
- After a "sloppy" morning of minor moves, GOLD holds support and finishes higher on the day
- Strong dollar and thoughts (or fears) of higher interest rates push GOLD lower, BUT just under $1,200 has strong support. Buy the dips
- Higher rates rattle equities in the U.S. BUT GOLD has been pricing all that in for weeks
- Support at $1,175-$1,180. Upside target $1,350
- Long term bullish on BITCOIN and GOLD. Short term bullish on ETH
CURRENT TRADING POSITION:
LONG BITCOIN, ETH and GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor