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. 5/13/19 Closing Prices:Bitcoin: $7,453.59 (+$367.21) Ether: $194.90 (+$6.37) Gold: $1,299 (+$13) DJIA: 25,324.99 (-617.38) S&P 500: 2,811.87 (-69.53) Nasdaq Comp: 7,647.02 (-269.92) Trading Summary Notes – Updated for Tuesday, 5/14/2019
- SOLD BTC Tuesday Morning (5/14/19) AT $8142-see profit in chart below
- BITCOIN has a fast and furious weekend rally…….up $1,200 since last Friday. Oh, and it was doing quite well over the last several weeks too
- Blowing through any and all upside price targets, BITCOIN is now in a parabolic state. Does this make BTC a flight to safety just like GOLD as global trade tensions heat up? Looks like it
- So, now what? I have been calling for months for a move to $6,500 and…….well, that looked high last week and now it looks…..dumb. Things change fast. Might be a good time to start taking some profits……or use protective sell stops. Remember $20,000???
- Even ETH caught the rally bug hitting $200. Keep in mind, ETH is a laggard and not as strong as many would like to believe. Caution is called for.
- Both BITCOIN and ETH are in FOMO mode. I am taking some crypto money off the table…..slowly
- GOLD has a hug “pop” up to $1,300. Its only the beginning. Target still $1,400
- As I have been saying for months, the ‘action’ in GOLD looks just like the ‘action’ in BITCOIN months ago around $3,500. Then….the explosion. Don’t be left out
- Good GOLD support around $1, 275-$1,280
Current trading positions; LONG GOLD (updated 5/14)
Bill Taylor is Managing Partner at Fintek Capital and a frequent contributor to FintekNews
