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.
9/26/18 Closing Prices:
Bitcoin: 6,491.78 (+$76.62) Ethereum: $214.77 (+$5.15) Gold: $1,195 (-$6.00) Dow Jones Industrials: 26,385.28 (-106.93) S&P 500: 2,905.97 (-9.59) Nasdaq Composite: 7,990.37 (-17.10)
CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time Index CME ETH_RR_USD Ethereum Reference Rate & CME ETH_RTI_USD Ethereum Real Time IndexT
rading Summary Notes for Wednesday, 9/26/2018
- The Yo Yo movements continue in the cryptos. Today reverses yesterday
- BITCOIN adds $75, ETH adds $5
- Why? WTF? Once again, I honestly have no idea. Cryptos (specifically BTC & ETH) are suffering from general lack of interest. Negative news (hacks, manipulation, etc.) brings in some sellers, dip buyers then step in. That’s it…
- BITCOIN downside support at $6,000, upside target $8,500
- ETH downside at $200, upside target $300
- GOLD drops $6 on Fed raising interest rates, back below $1,200. Fed move was totally expected and a few more rate rises have been anticipated. Again, WTF? Very fickle
- Inflation is picking up and tougher trade talk should help GOLD
- 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