The Taylor Report-Bitcoin vs Gold vs Ethereum (12/9/18)

BITCOIN Stages Strong Weekend Rally; GOLD Jumps Higher

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.

12/9/18 Closing Prices:
Bitcoin:  $3,513.66 (+$134.40)
Ether:  $94.17 (+$5.73)
Gold:  $1,249  (+$11.00) (from Friday)
DJIA:  24,388.95 (-558.72) (from Friday)
S&P 500: 2 ,633.08 (-62.87) (from Friday)
Nasdaq Comp:  6,969.25 (219.01) (from Friday)

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, 12/9/2018

  • BITCOIN and ETH stage a nice weekend rally. In late Sunday trading the rally continues with both BTC & ETH getting back to roughly where they were last Thursday
  • Another bottom? Picking bottoms is extremely difficult (especially when you are bullish) but that bottom is down here somewhere for BITCOIN. Sorry, BTC is NOT going to zero
  • ETH and other cryptos need BITCOIN to be the leader to advance any gains, otherwise they will continue to drift lower
  • 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
  • When (IF) BITCOIN begins a new move higher it will not be easy to get in. You will either be ‘in’ or ‘out’ (and watching)
  • GOLD is beginning a new long term move higher. Buy the dips in GOLD
  • Possible near term resistance around $,1250-$1,255
  • 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
  • Upside target remains $1,350 (yes, $1,350)

Long term bullish on BITCOIN, GOLD.  Now neutral on ETH

Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor