The Taylor Report-Bitcoin vs Gold vs Ethereum (11/29/18)

BITCOIN Continues Yesterday's Sharp Rally, ETH Eases off; GOLD Perks Up Too

Bill Taylor


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

Trading 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