Bitcoin vs Gold vs Ethereum
By Bill Taylor, Contributor/Entoro Wealth
The Taylor Report compares 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 as well as the London Bullion Market afternoon price settlement.
11/15/19 Closing Prices:
Ether: $179.77 -$4.21
Gold: $1,467 +$5.00
Trading Summary Notes for Thursday, 11/15/19
- BITCOIN UNDER PRESSURE! Slowly but surely BTC has been (still is) sinking and breaking down. WHY??
- Well obviously there are more sellers than buyers currently. With that sarcastic remark let’s speculate on why.
- Blame the constantly rising equity markets with traders allocating funds to stocks and out of the crypto markets
- Blame yearend profit taking…………or tax loss selling (depends on where you got in)
- Blame all the new BITCOIN futures markets for putting pressure via short selling
- Blame too many bulls (me too)
- In other words, there are many ways to try and blame the weakness. But, down is down
- Being long term bullish (its worked well for years and years) on the future of BITCOIN/ETH I believe adding to positions on weakness will be rewarded.
- Can we see $7,500? Maybe. Remember, when things heat up you will either be in…..or chasing.
- Because of the price, ETH just can’t drop as much as BTC so it looks like its holding up better. Actually, it is.
- Let’s say ETH around $155-$165 is super attractive. Of course, ETH follows BTC
- After dancing around above and below the $1,500 number looks like GOLD is shaking some long holders out. Let’s say $1,450-$1,460 is solid to place to be a buyer for next move up.
- Slight uptick in interest rates pushed GOLD down as did positive U.S/China trade talks
- Ignore the rhetoric. Forward looking, inflation seems to be on the rise and geopolitical risks are only getting stronger. Positive for GOLD
- GOLD? Stay long. Super powerful move under way. $1,650-$1,700 next target. Buy the dips.
Current trading positions: LONG BITCOIN & GOLD
Bill Taylor is Managing Director/CIO at Entoro Wealth & a frequent contributor to FA-Mag.com