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. 5/20/19 Closing Prices:Bitcoin: $7,760.22 (-$170.70) Ether: $245.61 (-$9.75) Gold: $1,278 (-$7) DJIA: 25,679.90 (-84.10) S&P 500: 2,840.23 (-19.30) Nasdaq Comp: 7,702.38 (-113.91)Trading Summary Notes for Monday, 5/20/2019
- After a huge run-up to over $8,000, BITCOIN plunged over a $1,000 then rallied back to $8,000 and now its re-grouping in the upper $7.000 area
- Volatility is back. Is the selling over? Possibly. BTC could re-visit the lower $7,000 area BUT maybe a basing in the $7,500-$8,000 is a better call (always use stops when you aren’t sure)
- If (IF) BITCOIN begins moving above $8,000 then a move to $10,000 would be a really good bet
- ETH softening again. Just like BTC, ETH may be basing, say in the $225-$250 area
- Obviously if BITCOIN runs higher ETH will follow ($300?). But, if BITCOIN spends time wandering around ETH will soften more. Neutral on ETH
- GOLD is being held back by the strong dollar. It won’t last……….the dollar strength I mean
- GOLD seems destined to trade between $1,265-$1,270 and $1,300…….for now
- Again GOLD looks just like BITCOIN did at $3,500 right before it took off
Current trading positions: LONG GOLD
Bill Taylor is Managing Partner at Fintek Capital and a frequent contributor to FintekNews
