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.
11/20/18 Closing Prices:
Bitcoin: $4,543.20 -$464.88
Ether: $138.78 -$14.59
Gold: $1,222 -$1.00
DJIA: 24,465.64 -551.80
S&P 500: 2,641.89 -48.84
Nasdaq Comp: 6,908.82 -119.65
Trading Summary Notes for Tuesday, 11/20/2018
- The plunge continues for BITCOIN and ETH. Is there a bottom?
- Of course there is a bottom, but just where is still in doubt. What’s happening?
- There are at least 50 theories floating around……but nothing solid. I have a new one (mine), REGUALTORS! I plan to expound on this next week (on the beach currently for thanksgiving holiday)
- Obviously I have been wrong on this plunge and trying to pick a bottom is like trying to catch a falling knife…….a bad idea.
- Lets just say that the long term BITCOIN and crypto story is still intact. Pick your points and tune out the negative news. Markets do panic every so often but these type selloffs (when they end) are great entry points. Maybe today was that day around the low $4,000’s?
- GOLD is super solid. A new long term move seems to have begun
- Support at $1,195-$1,200……upside target remains $1,350 (yes, $1,350)
- Still long term bullish on BITCOIN, GOLD and ETH
CURRENT TRADING POSITION: LONG BITCOIN, ETH and GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor