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.
10/16/18 Closing Prices:
Bitcoin: $6,442.07 (+$58.55)
Ethereum: $204.35 (+$4.11)
Gold: $1,224 (-$3.00)
Dow Jones Industrials: 25,798.42 (+547.87)
S&P 500: 2,809.92 (+59.13)
Nasdaq Composite: 7,645.49 (+214.74)
Trading Summary Notes for Tuesday, 10/16/2018
- Slowly and quietly BITCOIN and ETH are sneaking up. Support areas are holding
- Fidelity setting up “in-house” crypto solutions and NYSE’s Bakkt making crypto trading more credible
- Institutions are going to be able to invest with more certainty and safety
- While all the activity and interest are in equities, the cryptos are suffering neglect. But for how long?
- So far GOLD has been the new rising star. Don’t look now (or do), BTC and ETH will be next
- 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