The Taylor Report-Bitcoin vs Gold vs Ethereum (1/31/19)


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. 1/31/19 Closing Prices:Bitcoin:  $3,411.77 (-$27.77) Ether:  $105.51 (-$2.46) Gold:  $1,320 (+$10.00) DJIA:  24,999.67 (-15.19) S&P 500:  2,704.10 (+23.05) Nasdaq Comp:  7,218.74 (+98.66) Trading Summary Notes for Thursday, 1/31/2019

  • BITCOIN?  Who cares, ho hum, sleepwalking and just plain dull. For a time anyway
  • Over the past several weeks where (seemingly) BTC looked like it had found a home in the $3,500-$3,700 range, it has eased lower and now looks comfy in the $3,300-$3,500 zone
  • The rate of descent in BITCOIN is getting slower and slower as interest wanes. Or, looking at the longer term, getting “sold out”
  • What I’m trying to say……this is becoming a long stretched out bottom area for BITCOIN
  • Of course that is echoed in ETHEREUM as well. Wherever BITCOIN goes….ETH follows
  • So, if these areas hold there will be awakened interest in crypto (soon? later in the year?) and the upside “explosion” will be impressive
  • In the meantime, GOLD, GOLD GOLD! That’s where the interest is and the buyers are hanging out
  • As I have been yelling for months, GOLD is in a new long term bull market so buying the dips is the strategy of 2019. Near term target is $1,400

Current trading positions; LONG BITCOIN AND GOLD

Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor