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. 3/21/19 Closing Prices:Bitcoin: $3,962.91 (-$37.12) Ether: $134,29 (-$3.31) Gold: $1,310 (+$7.00)Trading Summary Notes for Thursday, 3/21/2019LET THERE BE NO DOUBT, THE SO OBVIOUS SIGNS OF A BOTTOM IN BITCOIN ARE NOW CLEAR!
- First; a long LONG time of drifting and virtually no interest in BITCOIN, ETH, etc
- Second; no overheard conversations at Starbucks on which exchange to open a crypto account at
- Third…….and MOST IMPORTANT; Quitters. The Cboe just announced they are bowing out of their listed bitcoin futures at the end of June, AND today’s (Wednesday, 2oth) Wall Street Journal’s front page article basically saying there is no hope for BITCOIN (cryptos)
- Rig Ring Ring. As I have been saying, when NOBODY wants investment assets, that’s when you buy.
- A new BITCOIN, ETH up move has begun. Of course we all know GOLD turned a while ago.
Now (since I’m at a conference), here are the VERY relevant points form Monday;
- Don’t be fooled. BITCOIN is going through that “magic” $4,000 and the next test is $4,500
- ETH will, of course, tag right along behind BTC. Look for $150 when BITCOIN goes through $4,000
- GOLD continues to consolidate around $1,300
- The yellow metal is heading for $1,400
- 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