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.
9/24/18 Closing Prices:
Bitcoin: 6,606.88 (-$118.23) (from Friday’s close)
Ethereum: $234.18 (+$4.92) (from Friday’s close)
Gold: $1,199 (+$1.00) (from Friday’s close)
Dow Jones Industrials: 6,562.05 (-181.45)
S&P 500: 2,919.37 (-10.30)
Nasdaq Composite: 7,993.25 (+6.29)
Trading Summary Notes for Monday, 9/24/2018
- Last weekend of summer proved to be a very dull time in terms of BITCOIN, ETH and GOLD trading
- BITCOIN lost some of its recent gains, ETH kept its gains after testing $250 and GOLD sat unchanged after Friday’s big selloff on lack of a Brexit agreement
- Political turmoil in the US, US Fed interest rate meeting finishes Wednesday (hint; they will raise rates) dominate the news
- So, inflation is picking up, fiat currencies are getting riskier and geopolitical events are being downplayed. What does it mean?
- Realization that cryptos bottomed last week is sinking in
- BITCOIN downside support at $6,000, upside target $8,500
- ETH has some upside left. Target is $300, downside $200
- Great buying opportunity for GOLD. $1,190-$1,195 held support, upside target $1,245-$1,250. GOLD needs a solid close above $1,210
- 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