The Taylor Report-Bitcoin vs Gold vs Ethereum (12/2/18)

BITCOIN & ETH Experience Some Sunday Softness, But Have a Strong Weekend

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.

12/2/18 Closing Prices:
Bitcoin: $4,104.26  (-$48.44)
Ether:  $115.55  (-$1.46)
Gold: $1,222  (-$2.00)
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 Sunday, 12/2/2018

  • Both BITCOIN and ETH give up some minor gains on Sunday, but both have a positive weekend.
  • BITCOIN adds over $150 from Friday, ETH picks up $4.00
  • The U.S. Fed Chairman’s “dovish” comments last week caused equity markets to spike. They certainly triggered a “risk on” stampede across all markets including BITCOIN and ETH
  • There is “speculation” and “thoughts” that BITCOIN (Cryptos) rallied with the equity markets and thus there MAY be a correlation between the two. Maybe for a day or two, but there is NO correlation between cryptos and equities. Nice try
  • NOTE: News of a “cease fire” in the trade tariffs between the US and China are not (so far) having any effect on the crypto markets this Sunday
  • 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 holding up very well. Looks like a true lomg term bottom was put in just under $1,200
  • 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