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. 7/1/19 Closing Prices:Bitcoin: $10,495.28 (-$578.42) Ether: $286.49 (-$7.20) Gold: $1,384 (-$26) DJIA: 26,717.43 (+117.47) S&P 500: 2,964.33 (+22.57) Nasdaq Comp: 8,091.16 (+84.92)Trading Summary Notes for Monday, 7/1/2019
- Welcome the beginning of the third quarter and second half of 2019. After the last several week’s run up in BITCOIN, the inevitable profit taking is taking place
- Have shorts covered their BTC bets? Has the Facebook Libra excitement run its course? Looks like it
- BITCOIN volatility is back and with summer in full swing the liquidity is reduced……meaning bigger swings
- WHAT NOW? Let’s see where BTC is the first few days of July (the new quarter). $9,000-$9,500 might look “interesting” for a run up to $15,000
- ETH works so hard to go up, but goes down really easy. Not a big fan of ETH. Back to $250-$275?
- GOLD…..WTF!! That’s a big setback today (down $26.00)
- Its a trade war EASING…..NOT an agreement. Looks like the ‘world’ was long GOLD going into the end of the the 2nd quarter
- Let’s see what the first few days of this new quarter bring. $1,275-$1,280 looks attractive
- Still like to odds of seeing $1,650-$1,700 for GOLD
Current trading positions: LONG GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor to FintekNews
