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.
12/16/18 Closing Prices: Bitcoin: $3,205.47 (+$66.50) Ether: $85.17 (+$3.61) Gold: $1,239 (+$2)
(from Friday's close)
DJIA: 24,100.51 (-496.87)
(from Friday's close)
S&P 500: 2,599.95 (-50.59)
(from Friday's close)
Nasdaq Comp: 6,910.67 (-159.67)
(from Friday's close)
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 Sunday, 12/16/2018
- Just like the top ($20K) when everyone was a BITCOIN "bull", now at the bottom (?) everyone is a BITCOIN "bear"
- Calls of BITCOIN going to zero abound. It was a "bubble" (I think that's the fourth bubble actually) and "death to BITCOIN"
- Get the picture? And, remember ETH and almost all cryptos go nowhere without BTC. So, when BTC bottoms the whole complex will recover, some more than others of course
- Is the latest ($3,000) bottom THE bottom? Certainly closer than Friday. Very close, and no, its not zero.
- Tax selling, holders of tokens received from previous ICOs selling and scared investors selling before year end may be the big bear factor
- 2019......year of the BITCOIN and GOLD? Yup!
- GOLD continues to look super positive breaking out to the upside (as predicted). It is becoming more and more evident that GOLD bottomed just under $1,200 and is in the early stages of a long term bull market
- Near term resistance around $,1250-$1,255. A close above that area would be very bullish
- GOLD upside target remains $1,350 (yes, $1,350)
- Long term bullish on BITCOIN, GOLD. Now neutral on ETH
Current trading positions; LONG BITCOIN AND GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor