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. 1/10/19 Closing Prices:Bitcoin: $3,782.10 (-$212.37) Ether: $131.17 (-$18.33) Gold: $1,285 (-$4.00) DJIA: 24,001.92 (+122.80) S&P 500: 2,596.64 (+11.68) Nasdaq Comp: 6,986.07 (+28.99) Trading Summary Notes for Thursday, 1/10/2019
- The thoughts of BITCOIN holding the $4,000 round number are being tossed out………..again. Bulls (me) are finding this all very frustrating;
- BTC is off around 10% the past few days. There are no good reasons or theories that I can surmise. (more sellers than buyers?);
- BITCOIN now testing previous lows. Should BTC break $3,400 next stop could be $2,800-$2,850. Another upside move above $4,000 should bring in buyers for a move to $6,500;
- ETH getting hit harder than BITCOIN. It will be dragged UP with BITCOIN but sink lower and faster than BITCOIN on the way down;
- A retest of $100 may be coming. Neutral on ETH;
- GOLD continues pulling back from the $1,300 level;
- A slight pullback in GOLD to $1,255-$1,265 would not be unexpected. Buy the dips;
- A close above $1,305 would be very bullish. Upside target is still $1,400;
- LONG TERM BULLISH ON BITCOIN AND GOLD. NEUTRAL ON ETH.
Current trading positions; LONG BITCOIN AND GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor
