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.
9/12/18 Closing Prices:
Bitcoin: $6,270.75 (+$1.43)
Ethereum: $172.92 (-$16.25)
Gold: $1,206 (+$10)
Dow Jones Industrials: 25,998.92 (+27.86)
S&P 500: 2,888.92 (+1.03)
Nasdaq Composite: 7,954.23 (-18.25)
Trading Summary Notes for Wednesday, 9/12/2018
- ETHEREUM! We have our answer; a major fund having to sell a big hunk of their long position. Ugly, but selling may be done for a while
- BOUGHT ETH @ $175
- ETH downside $155-$160 (?); Upside target $300. Great risk reward
- Long liquidation (selling) has been persistent for months. Is the/they done selling? Perhaps..
- BITCOIN asserted itself as the leader of all crypto. New move higher coming? BTC very firm today and looking good
- BITCOIN downside support at $6,000, upside target $8,500
- GOLD leaps back over $1,200. Have been VERY bullish on GOLD and looks good
- A solid close above $1,210 should bring in buyers; target $1,250. So far, $1,190-$1,195 is holding. After that $1,175-$1,180 is support
- Wage inflation beginning to become a hot topic. Price inflation tends to follow higher wages. INFLATION very underestimated
- Long term bullish on BITCOIN and GOLD. Short term bullish on ETH.
CURRENT TRADING POSITION: LONG BITCOIN, ETH and GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor