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.
9/18/18 Closing Prices:
Bitcoin: $6,359.37 (-$1.45)
Ethereum: $210.97 (+$3.43)
Gold: $1,198 (-$3)
Dow Jones Industrials: 26,246.96 (+184.84)
S&P 500: 2,904.31 (+15.51)
Nasdaq Composite: 7,956.11 (-+60.31)
Trading Summary Notes for Tuesday, 9/18/2018
- Nothing to report since nothing happened. BITCOIN, ETH and GOLD all had muted moves with barely any change
- There is a total lack of interest in these sectors. Why? No idea.
- So, lets just repeat;
- 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
- ETH downside at $165-$170, upside $300
- GOLD, a solid close above $1,210 should bring in buyers; target $1,250. So far, $1,190-$1,195 is holding.
- 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