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

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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. 6/6/19 Closing Prices:Bitcoin:  $7,687.87 (-$47.03) Ether:  $243.09 (+$1.40) Gold:  $1,335 (+$7.00) DJIA:  25,720.66 (+181.09) S&P 500:  2,843.49 (+17.34) Nasdaq Comp:  7,615.55 (+40.08)Trading Summary Notes for Monday, 6/6/2019

  • BITCOIN counties to sink. A few days ago I commented that BTC was “waffling in the mid-$8,000 area” while deciding which way to go. Now we know…..down
  • So where IS down? Well it sure isn’t the low $8k area. Will it be $7,500? Not sure. Lets just say BITCOIN is headed down to a level yet to be determined
  • I would love to see $6,500 for BTC but not sure it will get there. Right now, more sellers than buyers. Be careful
  • I will make the same comments from the other day for ETH.
  • ETH may be basing, say in the $225-$250 area
  • GOLD is continuing its way higher. Investors who gave up on GOLD, or thought BITCOIN had replaced it, are now looking……..confused?
  • $1,350 will be a strong resistance area BUT after that expect $1,400. GOLD has turned and looking good

Current trading positions: LONG GOLD

Bill Taylor is Managing Partner at Fintek Capital and a frequent contributor to FintekNews