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. 1/28/19 Closing Prices:Bitcoin: $3,403.09 (-$135.51) Ether: $102.26 (-$10.65) Gold: $1,304 (+24.00) DJIA: 24,528.22 (-208.98) (from Friday close) S&P 500: 2,643.85 (-20.91) (from Friday close) Nasdaq Comp: 7,085.69 (-79.18) (from Friday close)Trading Summary Notes for Monday, 1/28/2019
- The BITCOIN & ETH carnage continues. After seemingly finding a “safe zone” at $3,500-$3,700 BITCOIN decided to just go lower
- And, at the same time, GOLD has been super strong just breaking above $1,300
- So now (perhaps a bit tardy) it dawns on folks to sell BITCOIN and buy GOLD!
- I remember back in August of 2016 when I began writing “BITCOIN vs GOLD” on a daily basis I took the opposite; Buy BITCOIN sell GOLD. Hmmmmm!
- So, maybe its reversed and there will be a BIG burst in GOLD ($1,400?) and a flush out in BITCOIN ($2,000?)
- Coming from someone (me) who has been wrong on BITCOIN (at least the past couple months) BUT totally right on GOLD, I’m “dazed and confused”
- GOLD is in a new long term bull market so buying the dips is the strategy of 2019. Near term target is $1,400
- BITCOIN? Well, it sure looks extra soft
- LONG TERM BULLISH ON BITCOIN AND GOLD. NEUTRAL ON ETH
Current trading positions; LONG BITCOIN AND GOLD