Common Sense for Uncommon Markets
By Bill Taylor, CEO-Digital Wealth News
DISCLAIMER: The opinions expressed below are my own & do not represent those of Digital Wealth News or any affiliates. Any financial advice included in the column is for entertainment purposes only.
Bullish for week of 3/5/24
BTC | ETH
Neutral for week of 3/5/24
GOLD
Bearish for week of 3/5/24
S&P 500
3/5/24 Closing Prices :
BTC: $62,446.74 | +9.4% | (Tue-Tue)
ETH: $3,413.54 | +5.1% | (Tue-Tue)
Gold: $2,109 | +4.92% | (Tue-Tue)
S&P 500: 5,078.65 | 0% | (Tue-Tue)
Well, here we are in March. Can’t wait to get my March Madness basketball brackets filled out. This is gonna be the year.
First off, CONGRATS to gold. It actually went up. Very nice. Does “it” know something, or is “it” still just in the trading range ($1,800-$2,200) I called for a month or so ago?
Second, CONGRATS to bitcoin and ether. Both hit new all time highs today. Now THAT I called for, and those two ain’t done yet. Bitcoin is going to get really exciting.
So this week comes the monthly employment numbers on Friday. Then the Fed meeting later this month and the end of the first quarter which ends on a holiday (Easter).
With the major action concentrated in the digital assets and gold, the S&P 500 is beginning to exhibit some wear and tear. There is something ‘afoot’ and the flight to both gold and bitcoin/ether says WATCH OUT. As we used to say on the trading floors, there is a “tone change.”
What to do? Buy BITCOIN and ETHER dips, hold GOLD and get/stay short the S&P 500.
FOR ALL THE FOLKS WHO HAVE MISSED THIS BIG RUN UP IN BITCOIN AND ETHER, HERE’S YOUR DIP AND SECOND CHANCE.
LOOKING AHEAD A FEW MONTHS, LET’S DUST OFF AN OLD WORD; DEFLATION. AND THAT ISN’T GOOD.
2024 TARGETS:
- BITCOIN 2024…….UP……New highs above $70K (its coming)
- ETH 2024…………UP……..New highs above $3K (winner….now $4,800)
- GOLD 2024……….$1,800-$2,200
- S&P 500 2024……..3,700-3,900 (down 20%)
Current trading positions:
- LONG BITCOIN
- LONG ETH
- NEUTRAL GOLD
- SHORT S&P 500
We compare the price of Bitcoin, Ethereum, Gold & the S&P 500. We use the CME Bitcoin Indexes (BRR & BRTI) and the CME Ethereum Indexes (ETH_RR_USD) & (ETH_RTI_USD) for reference as well as the London Bullion Market afternoon price settlement on the digital assets & gold.
Bill Taylor is CEO of Digital Wealth News. He is widely published & quoted in financial media and an international expert on markets and BTC, ETH, Gold & SP500.
His opinions are solely his own and for informative purposes only.
