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.
10/11/18 Closing Prices:
Bitcoin: $6,220.16 (-$288.47)
Ethereum: $199.73 (-$23.50)
Gold: $1,223 (+$30.00)
Dow Jones Industrials: 25,052.83 (-545.91)
S&P 500: 2,728.3 (-57.31)
Nasdaq Composite: 7,329.06 (-92.99)
Trading Summary Notes for Thursday, 10/11/2018
- Are cryptos (BITCOIN & ETH) following equities? Is there a correlation?
- When fear strikes it spills into all sectors. There should NOT be any correlation between cryptos and equities. This could be a few days of fear ruling logic (fyi….which can happen)
- BITCOIN buying opportunity? I say YES. ETH? Cautious
- GOLD,GOLD GOLD! That’s the gold we have been expecting and calling for. Traditional flight to safety.
- All GOLD supports under $1,200 held beautifully. This strong close above $1,210 is very bullish
- Higher rates rattle equities in the U.S. BUT GOLD has been pricing all that in for weeks
- GOLD upside target $1,350. Expect some “backing and filling” but buy the dips
- BITCOIN downside support at $6,000, upside target $8,500
- ETH downside at $200, upside target $300.
- Long term bullish on BITCOINand GOLD. Short neutral bullish on ET
CURRENT TRADING POSITION: LONG BITCOIN, ETH and GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor