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. 2/25/19 Closing Prices:Bitcoin: $3,784.41 (-$8.77) Ether: $136.55 (-$3.84) Gold: $1,327 (-$2.00) DJIA: 26,091.95 (+60.14) S&P 500: 2,796.11 (+3.44) Nasdaq Comp: 7,554.46 (+26.92) Trading Summary Notes for Monday, 2/25/2019
- Right on schedule (well, kind of) BITCOIN and ETH decided to not just wake up, but JUMP out of the doldrums bed
- After weeks (seems like years) of both cryptos languishing in the doldrums, the realization that the selling had done itself out
- So, let’s revisit some points of last week’s report;
Trading Summary Notes for Monday, 2/25/2019
- After ‘popping’ over $4,000 (actually almost $4,200) BITCOIN dropped back below the round number and found a resting place
- Taking the stand that BITCOIN has bottomed and turned, the next “big” number is $4,500. Expect that number to be tested
- A close above $4,500 would bring in buyers and then the target is $6,500.
- Have not heard this in a while….BUY the BITCOIN dips
- ETH challenges $150 on the BITCOIN rise………..then settles back down a little
- ETH is just following in BTC’s footsteps. If BITCOIN gets to our next target of $6,500, ETH should see $190-$195
- Positive news for GOLD; Barrick Gold’s offer (hostile) to acquire Newmont Mining would (if successful) result in reducing some mining, thus supply
- GOLD is already in a firm uptrend so a merger would just put a bit more fuel in a long term uptrend
- Near term target for GOLD is $1,400. Buy the dips
- LONG TERM BULLISH ON BITCOIN, ETH AND GOLD
Current trading positions; LONG BITCOIN, ETH AND GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor
