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.
9/17/18 Closing Prices:
Bitcoin: $6,360.82 (-$83.03) (from Friday’s close)
Ethereum: $214.40 (+$9.77) (from Friday’s close)
Gold: $1,201 (+$7) (from Friday’s close)
Dow Jones Industrials: 26,062.12 (-92.55)
S&P 500: 2,888.80 (-16.18)
Nasdaq Composite: 7,895.79 (-114.25)
Trading Summary Notes for Monday, 9/17/2018
- After a “blah” weekend, BITCOIN weakens to under $6,400 and sells off more in late trading (-$100)
- ETH up nicely early, sells off late to back under $200
- GOLD jumps back up above $1,200. Another test of $1,210?
- All three (BTC, ETH & GOLD) are caught in a “yo-yo” trading range. Up, down, up, down. Very little interest and only choppy trade
- BITCOIN downside support at $6,000, upside target $8,500
- 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
- ETH downside at $165-$170, upside $300
- All have great risk/reward potential
- 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