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.
11/25/18 Closing Prices:
Bitcoin: $3,743.52 (-$489.31)
Ether: $108.06 (-$12,21)
Gold: $1,223 (-$3.00)
DJIA: 24,285.95 (-178.74)
S&P 500: 2,632.56 (-17.37)
Nasdaq Comp: 6,938.98 (-33.27)
Trading Summary Notes for Sunday, 11/25/2018
- STOPPED OUT ON BITCOIN & ETH TRADING POSITIONS
- SOLD BITCOIN $4,281, 11/23/18; SOLD ETH $124.85, 11/23/18
- BITCOIN and ETH continue to sink into oblivion. Seems a free fall is under way
- ETH trades below $100 briefly. BITCOIN heading to $3,000?
- Why? (see this article on FintekNews). Is there a bottom? Of course there is a bottom, but just where is still in doubt.
- Today (Sunday) the bottom is obviously closer. Expect nothing but super negative news on the crypto sector the next week or so. Calls for BTC $2,000, $1,000 and even $-0- will be the headlines. Lots of “I told you so’s” will abound.
- When that happens it WILL be the bottom. Expect a bit more panic
- Time to buy when there is “blood in the streets” and there is lots of blood.
- 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 GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor