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.
10/18/18 Closing Prices:
Bitcoin: $6,437.13 (+$7.97) Ethereum: $202.02 (-$1.61) Gold: $1,225 (+$2.00) Dow Jones Industrials: 25,379.45 (-327.23) S&P 500: 2,768.78 (-40.43) Nasdaq Composite: 7,485.14 (-157.56)
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 Thursday, 10/18/2018
- Nothing going on in the crypto and gold sector. All just wandering around
- All eyes (and interest) are on global equities
- Big news that Goldman Sachs and Galaxy Digital invested in BitGo to create a $1Trillion secure (no, super secure) wallet had no market effect...........for now. The institutions are coming
- BITCOIN added $8 but off a lttle in late trade. ETH off $1, but firm in late trade. GOLD adds $2 and holding recent gains
- 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, 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