The Taylor Report for 11/29/19

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Bill Taylor

Bitcoin vs Gold vs Ethereum

Featuring

CME Bitcoin Indexes & Ethereum Indexes for Reference

By Bill Taylor, Contributor/Entoro Wealth

The opinions expressed below are my own and do not necessarily represent those of Entoro.

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 as well as the London Bullion Market afternoon price settlement.

11/29/19 Closing Prices:

Bitcoin: $7,775.69 (+$208.76)
Ether: $156.54 (+$3.12)
Gold:  $1,464 (+$11.00)

Trading Summary Notes for Thursday, 11/29/19

  • Getting to write this on the last trading day of the month (November) so, obviously, BITCOIN and ETH have had a “weak” month
  • Why? Best answer; lots of profit taking and tax selling. Remember. BTC is up huge for the year (so far) and is the best performing asset in 2019 (so far)
  • Taking profits to offset losses in other holdingS makes sense
  • So, are the last couple days of strong up just end of month “window dressing” OR has a selloff ended? Perhaps the first week or so of December may bring some weakness BUT the $7,000+/- area looks very strong
  • (Note; I know I said in earlier comments that $7,500 could be a holding point but………………I was slightly wrong. Always transparent)
  • Upside target (near term) for BITCOIN still looks like $11,000
  • STUPID COMMENT OF THE WEEK?? I SAW SOMEONE POSTED BTC GOING TO ZERO. ALWAYS REMEMBER, THE ONES WHO COMMENT LIKE THAT NEVER BOUGHT ANY BITCOIN, WISHED THEY HAD AND ARE JEALOUS OF THOSE WHO DID. LONG TERM, BITCOIN ROCKS.
  • As in previous comments, ETH follows BITCOIN so it’s kind of like silver is to GOLD.
  • ETH around $150 looks good. Upside near term target $225 (if BTC goes to $$9,000-$9,500)
  • 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 A solid 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.
  • ANOTHER VERY STUPID COMMENT? I SAW SOMEONE SAY GOLD COULD ALSO GO TO ZERO. HASN’T DONE THAT IN THOUSANDS OF YEARS SO GUESS THE SHORTS ARE GOING TO HAVE A LUCKY DAY (sic)

Current trading positions:  LONG BITCOIN & GOLD

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Bill Taylor is Managing Director/CIO at Entoro Wealth & a frequent contributor to FA-Mag.com