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. 5/23/19 Closing Prices:Bitcoin: $7,718.62 (-$153.28) Ether: $242.48 (-$10.82) Gold: $1,284 (+$10) DJIA: 25,490.47 (-286.14) S&P 500: 2,822.24 (-34.03) Nasdaq Comp: 7,628.28 (-122.56)Trading Summary Notes for Thursday, 5/23/2019
- Which way for BITCOIN? After a giant run-up to over $8,000 followed by a $1,000+ plunge, BTC seems “happy” at these levels for now
- Looks like the $7,500-$8,000 area for BITCOIN may be the range for a while
- If (IF) BITCOIN begins moving above $8,000 then a move to $10,000 would be a really good bet
- ETH softening again. 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 seems destined to trade between $1,265-$1,270 and $1,300…….for now
- China trade talks, strong dollar, Brexit, political uncertainty, etc, etc creating a bull/bear tug-of-war for GOLD
- Basing? I say yes. 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
