The Taylor Report-Bitcoin vs Gold vs Ethereum (10/11/18)

BITCOIN Following Equities?? Both Drop Big; GOLD Rockets Higher (+$30) In Flight to Safety

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.

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)

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 Index

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


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