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.
10/14/18 Closing Prices:
Bitcoin: $6,224.43 (+$26.29) Ethereum: $197.38 (+$2.81) Gold: $1,218 (-$5.00) (from Friday's close) Dow Jones Industrials: 25,339.99 (+287.16) (Friday) S&P 500: 2,767.13 (+38.76) (Friday) Nasdaq Composite: 7,496.89 (+167.83) (Friday)
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 Sunday, 10/14/2018
- Cryptos including (no, led by) BITCOIN held steady and added a few dollars over the weekend
- BITCOIN dipped just under $6,200 but finished higher. ETH held at $195
- Are cryptos becoming part of the "risk on, risk off" trade? With equities taking a big hit last week (risk off), did that spill over to cryptos? Theory to be proved........but any correlation will be short lived
- 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.
- 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 $185-$190 (new), upside target $300
- Long term bullish on BITCOIN and GOLD. Short neutral bullish on ETH
CURRENT TRADING POSITION:
LONG BITCOIN, ETH and GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor