The Taylor Report-Bitcoin vs Gold vs Ethereum (6/24/19)

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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. 6/24/19 Closing Prices:Bitcoin:  $10,890.28 (+$209.80) Ether:  $308.95 (-$0.18) Gold:  $1,419 (+$23) DJIA:  26,727.54 (+8.41) S&P 500:  2,945.35 (-5.11) Nasdaq Comp:  8,005.70 (-26.01)Trading Summary Notes for Monday, 6/24/2019

  • BITCOIN’S powerful rally continues and shows no signs of slowing. Up over 10% over the weekend
  • Now, after reaching $11,000, the buyers rest and the sellers……..just aren’t selling. Another day or so of quiet movement and the $15,000 area is the next big number
  • One BIG word of caution; exuberance. So far there is no sign of FOMO (fear of missing out) panic buying
  • BITCOIN end of quarter “marking up” may bring in some more large buyers.  (Note; always use stops if you are trading………..just cautious)
  • Spread between BTC and ETH widening. ETH is lagging the pace of BITCOIN
  • Look for ETH to move up to $330-$350 on continued BITCOIN rally
  • Big day for GOLD. Up $23 and solidly above $1,400. This is a very powerful rally……….not time to play the short side
  • With GOLD breaking out after years of inattention the upside comes fast and strong. Looks like move to $1,700 as more buyers allocate to the metal
  • Hate to say things go straight up……..but BTC & GOLD are heading straight up.    Again, use stops if trading

Current trading positions: LONG BITCOIN AND GOLD