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.
9/5/18 Closing Prices:
Bitcoin: $7,009.45 (-$359.85) Ethereum: $258.94 (-$30.49) Gold: $1,196 (+$3) Dow Jones Industrials: 25,974.99 (+22.51) S&P 500: 2,888.60 (-8.12) Nasdaq Composite: 7,995.17 (-96.07)
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, 9/5/2018
- Goldman Sachs announcement that it will DELAY opening a crypto asset trading desk knocks BITCOIN down under $7,000 before slight recovery
- Goldman blames uncertain regulatory environment, still plans to offer crypto custodian services
- ETHEREUM drops even harder (other cryptos too), down $30. Lower in late trading
- With any new asset class there will be "fits and starts." BITCOIN story still intact (Goldman buying??); Still sticking to $8,500 near term target
- Downside support areas; BTC $6,000; ETH $225
- GOLD holds just under $1,200. GOLD is being held hostage to the dollar
- GOLD breaking $1,195 should trigger a retest of $1,175-$1,180
- Inflation, geopolitical issues, currency problems, etc. being ignored by gold investors………FOR NOW
- Long term bullish on BITCOIN and GOLD. Neutral on ETH.
CURRENT TRADING POSITION:
LONG BITCOIN and GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews