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
- FIRST: SOLD ETH LONG TRADING POSITION @ $167.50
- 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
