The Taylor Report-Bitcoin vs Gold vs Ethereum (12/16/18)

BITCOIN & ETH Have Another Soft Weekend, But Signs of Recovery Going Into Monday

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.

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

Trading 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