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. 1/7/19 Closing Prices:Bitcoin: $4022.42 (+$193.09) Ether: $152.69 (+$.25) Gold: $1,288 (+$5.00) DJIA: 23,531.35 (+98.19) S&P 500: 2,549.69 (+17.75) Nasdaq Comp: 6,823.47 (+84.61) Trading Summary Notes for Monday, 1/7/2019
- BITCOIN rallies up to over $4,000 on new money allocation to start 2019. It appears some fresh money is beginning to “nibble” at BTC
- ETH does not see the new money flow. Stays solid around $150
- ETH will always be following BITCOIN so as BTC moves higher expect ETH to “tag along”
- BITCOIN needs to stay above $4,000 for a period of time to “prove” and confirm a new move higher is coming. A move above $4,200 would be very bullish. Expect $6,000-$6,500 to be the next target
- If BTC moves to the $6,000+ area ETH should see $200
- GOLD is testing $1,300 after a strong year end rally (up over 7%) and beginning a long term uptrend
- 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 $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
