The Taylor Report-Bitcoin vs Gold vs Ethereum (5/9/19)


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. 5/9/19 Closing Prices:Bitcoin:  $6,005.41 (+$153.61) Ether:  $167.76 (+$0.13) Gold:  $1,284 (-0-) DJIA:  25,828.36 (-138.97) S&P 500:  2,870.72 (-8.70) Nasdaq Comp:  7,910.59 (-32.73) Trading Summary Notes for Thursday, 5/9/2019

  • BITCOIN pushes through $6,000 accelerating its rally. Is this ‘push’ tied to the big Consensus conference next week?
  • It seems that every year just before the Consensus conference in NY BITCOIN gets a big spike up. Why? Because its a very big and influential conference and new exciting bullish announcements in the crypto/digital asset space come to life
  • Crazy? Maybe, maybe not. In any event, we have had a $6,500 near term target for BITCOIN for months. May be close to taking some profits. Can always use buy stops placed above the market to re-enter if momentum keeps going
  • Improving fundamentals continue to make BITCOIN a strong long term holding
  • GOLD continues to seek out support. Again, the $1,260-$1,265 area looks very solid
  • Repeating from past reports;   The “action” (or lack of) in GOLD is very similar to the price movement in BITCOIN earlier this year. Don’t be left watching when GOLD explodes up
  • Target for GOLD still $1,400

Current trading positions; LONG BITCOIN AND GOLD

Bill Taylor is Managing Partner at Fintek Capital