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.
10/4/18 Closing Prices:
Bitcoin: $6,541.51 (+$75.67)
Ethereum: $222.89 (+$3.39)
Gold: $1,200 (+$2.00)
Dow Jones Industrials: 26,627.48 (-200.91)
S&P 500: 2,901.61 (-23.90)
Nasdaq Composite: 7,879.51 (-145.57)
Trading Summary Notes for Thursday, 10/4/2018
- The ping pong trading continues. Up-down, up-down, etc going nowhere
- BITCOIN seems to be using $6,500 as a fulcrum, trading above and below. How much longer?
- BITCOIN downside support at $6,000, upside target $8,500
- ETH holding solidly above $200 and following BITCOIN
- ETH downside at $200, upside target $300
- Gearing up for a big 4th quarter end of year rally? YES!
- And then there’s GOLD. Seems $1,200 is the fulcrum for the metal
- Higher rates and strong dollar can’t break GOLD; Inflation fears can’t get a big upside breakout
- GOLD closing above $1,210 would be very positive. That is previous resistance
- GOLD under $1,200 is a super long term risk/reward play. Support at $1,175-$1,180 with an upside target of $1,350
- Long term bullish on BITCOIN and GOLD. Short term bullish on ETH
CURRENT TRADING POSITION: LONG BITCOIN, ETH and GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor