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.
11/27/18 Closing Prices: Bitcoin: $33,664.40 (-$65.03) Ether: $103.27 (-$4.17) Gold: $1,215 (-$5.00) DJIA: 24,748.73 (+108.49) S&P 500: 2,682.20 (+8.75) Nasdaq Comp: 7,082.70 (+0.85) 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 Index
T
rading Summary Notes for Tuesday, 11/27/2018
- The slide (crash) in BITCOIN, ETH and "friends" continued, BUT at a much slower pace. Is this the bottom? Maybe, but certainly its closer than yesterday
- REMINDER; Amazon lost 95% of it value over a year and a half (1999-2001). So, wish you had bought Amazon then?
- When the headlines start screaming BITCOIN $2,000 or $1,500 or $0 and commentators bring guests on to say the crypto craze is done..........just remember Amazon
- So, a little more "panic" may be around the corner, BUT; BTC at $3,000 with sell stops around $2,500??? ETH at $100-$105 with sell stops around $90-$95???
- BITCOIN and ETH risk reward (long term.....NOT next week) seem quite positive
- A little dollar strength takes GOLD down slightly. Buying dips in GOLD is still the play
- 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