The Taylor Report-Bitcoin vs Gold vs Ethereum (6/3/19)

BITCOIN Settles Lower; GOLD Explodes Up. The "New" BITCOIN?

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.

6/3/19 Closing Prices:

Bitcoin:  $8,454.01 (-$247.09)
Ether:  $259.35 (-$9.70)
Gold:  $1,325 (+$19.00)
DJIA:  24,819.78 (+4.74)
S&P 500:  2,744.45 (-7.61)
Nasdaq Comp:  7,333.02 (-120.13)

Trading Summary Notes for Monday, 6/3/2019

  • BITCOIN digesting the recent gains of the past few weeks AND absorbing profit taking which hit hard at the end of last month (May)
  • After the huge $1,000 “downdraft” last week,  BITCOIN is now waffling in the mid-$8,000 area. BITCOIN may be asking itself “should I go up or should I go down”
  • It may take a period of time for that answer so it appears there will be resistance in the upper $8,000 area and support in the low $8,000 area
  • ETH (as usual) is “tagging along” with BTC and sold off a bit today as well. ETH is actually beginning to look attractive again
  • ETH may be basing, say in the $225-$250 area
  • The big (BIG) story today is GOLD. Yes, GOLD GOLD GOLD
  • As I have been saying (writing) for months, GOLD in the $1,270 +/- area looked just like BITCOIN in the $3,500 area. When the move (up) comes its explosive and signals a lasting turn
  • Target for GOLD is (and has been) $1,400

Current trading positions: LONG GOLD

Bill Taylor is Managing Partner at Fintek Capital and a frequent contributor to FintekNews