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
