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.
9/11/18 Closing Prices:
Bitcoin: $6,269.32 (-$36.80) (from Friday’s close)
Ethereum: $189.17 (-$6.16) (from Friday’s close)
Gold: $1,196 (-$0-) (from Friday’s close)
Dow Jones Industrials: 25,971.06 (+113.99)
S&P 500: 2,887.89 (+10.76)
Nasdaq Composite: 7,972.47 (+48.31)
Trading Summary Notes for Tuesday, 9/11/2018
- Going nowhere. BITCOIN, ETH and GOLD suffer from lack of interest
- BITCOIN, and all cryptos facing, some tax selling pressure?
- BITCOIN downside support at $6,000, upside target $8,500
- ETH is just plain being liquidated. Selling pressure has not let up and is trading even lower after today’s close
- Very difficult to assess a downside target for ETH……lets say $150-$160?
- GOLD stable at just under $1,200, unchanged
- Getting VERY bullish on GOLD. A solid close above $1,210 should bring in buyers; target $1,250
- Wage inflation beginning to become a hot topic. Price inflation tends to follow higher wages. INFLATION very underestimated
- So far, $1,190-$1,195 is holding. After that $1,175-$1,180 is support. Its all about the dollar
- Long term bullish on BITCOIN and GOLD. Neutral on ETH.
CURRENT TRADING POSITION: LONG BITCOIN and GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor