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.
11/29/18 Closing Prices: Bitcoin: $4,261.36 (+$88.20) Ether: $117.47 (-$0.85) Gold: $1,224 (+$4.00) DJIA: 25,338.84 (-27.59) S&P 500: 2,737.80 (-5.99) Nasdaq Comp: 7,273.08 (-18.51) 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
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rading Summary Notes for Thursday, 11/29/2018
- The super sharp rally yesterday continued today for BITCOIN but ETH paused. Once again BITCOIN remains the leader
- With a $700 rally in BITCOIN and a 15% spike in ETH, what to do now? And what caused the spikes? Obviously lots of shorts covered and some bulls waiting for an entry point jumped in
- It doesn't make sense that the Fed Chairman's "dovish" comments caused the spike directly, but they certainly triggered a "risk on" stampede across all markets including BITCOIN and ETH
- So...chase the upside movement, or buy the dip (if there is one...lol)? How about both? If you are bullish (I am) buy some BITCOIN here and add to it on a dip. Same for ETH. Average in.............stops at $3,250 and $105
- If (IF) that was a bottom ($3,600-$3,700 BTC) (($95-$100 ETH) there is usually, and should be, a re-test of those levels
- BITCOIN and ETH risk reward (long term…..NOT next week) seem quite positive.
- GOLD is super solid. A new long term move seems to have begun. Buying dips in GOLD is still the play
- 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