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.
12/6/18 Closing Prices:
Bitcoin: $3,624.51 (-$197.30)
Ether: $96.67 (-$9.07)
Gold: $1,238 (+$1.00)
DJIA: 24,947.67 (-79.40)
S&P 500: 2,695.95 (-4.11)
Nasdaq Comp: 7,188.26 (+29.83)
Trading Summary Notes for Thursday, 12/6/2018
- The bear market in BITCOIN and ETH (all cryptos) continues, or so it seems. For all the bullish folks out there (me included) this is frustrating. Not fun to be wrong……at least for now
- BITCOIN seems to be falling in sympathy with the overall market environment globally. Maybe that’s the price for being an accepted asset class??
- ETH is getting to be a disaster. It is just toxic. Something is going wrong with ETH……..be cautious
- End of the year rally for BITCOIN? Still thinking YES.Maybe not for ETH! BITCOIN upside could see $6,500 and ETH……..?????????
- If you are bullish (I am) buy some BITCOIN here and add to it on a dip, averaging in with stops at $3,250
- 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
- Buy the dips in GOLD
- Geopolitical issues now matter, interest rates softening now matter, a weaker dollar now matters…………and a flight to safety (GOLD) now matter
- Upside target remains $1,350 (yes, $1,350)
- Long term bullish on BITCOIN, GOLD. Now neutral on ETH
CURRENT TRADING POSITION: LONG BITCOIN & GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor