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.
9/19/18 Closing Prices:
Bitcoin: $6,310.56 (-$48.81)
Ethereum: $208.42 (-$2.55)
Gold: $1,204 (+$6)
Dow Jones Industrials: 26,406.37 (+159.41)
S&P 500: 2,907.95 (+3.64)
Nasdaq Composite: 7,950.04 (-6.07)
Trading Summary Notes for Wednesday, 9/19/2018
- Just like yesterday, early morning blah and no interest in BITCOIN or ETH. BUT, in late trading BITCOIN jumps up over $100 and looking at $6,500
- ETH didn’t even try to follow BTC. Off slightly early, stayed weak in late trading and went nowhere.
- GOLD, up strongly early, dipped a bit and closed strong. Another test of $1,210 is coming.
- GOLD, a solid close above $1,210 should bring in buyers; target $1,250. So far, $1,190-$1,195 is holding
- To be clear, there is not much interest in the crypto space currently. If there is movement its in BITCOIN. ETH is totally out of favor and will take a very broad crypto rally to get some upside
- BITCOIN downside support at $6,000, upside target $8,500
- ETH downside at $165-$170, upside $300 (but needs a very broad crypto rally)
- Expect any crypto rally to be led by BITCOIN. BTC is the leader
- 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