Common Sense for Uncommon Markets
By Bill Taylor, CEO / Digital Wealth News and AI & Finance
DISCLAIMER: The opinions expressed below are my own & do not represent those of DWN or any affiliates. Any financial advice included here is for entertainment purposes only.
Bullish for week of 7/30/24
BTC | ETH | GOLD
Neutral for the week of 7/30/24
S&P 500
Bearish for week of 7/30/24
N/A
7/30/24 Closing Prices :
BTC: $65,771.76 | -0.009% | (Tue-Tue)
ETH: $3,271.58 | -5.9% | (Tue-Tue)
Gold: $2,381| 0% | (Tue-Tue)
S&P 500: 5,436.44 | -2.1% | (Tue-Tue)
BURP!! BELCH!! Those are the sounds of BITCOIN digesting the gains of the run up before the Bitcoin 2025 conference. Great conference and filled with a ton of very bitcoin (crypto) bullish talk.
Summer is almost half over with August only a few days away. Going into the back half of the year, too. To say there is a lot of anxiety and uncertainty is a huge understatement. So enjoy the rest of the summer, take the grown up kids to college, get the not grown up kids ready for school and buckle up.
But if none of the above pertains to you, here’s what’s coming up. Tomorrow (Wed.) brings the end of the Fed’s two day meeting with the FOMC weighing in on interest rates. Nothing is gonna happen BUT maybe (MAYBE) they will guide toward an interest cut in September (??). Worst kept secret anywhere. Then, this Friday, employment numbers (first Friday of the month). Yawn.
Recession talk is floating around but do not worry. The Fed has this and is engineering a soft landing for the economy. Of course they have never done that, they actually caused the inflation problem (or shared responsibility) and yet people still believe in the Fed Fairy. OK!
OH, what to do? (hit the pool or beach)
GOLD. True to form, it runs up and then disappoints. I am remaining neutral to slightly bullish. 1. Lower interest rates bullish for GOLD; 2. Lower inflation bearish. 3. Recession bearish. 4. Inflation flare up, bullish. 5. Geopolitical, bullish. That’s 3 bullish and 2 bearish. Slightly bullish on Gold…..but narrowly.
S&P 500. Slip sliding away. I’m going to do the reverse of what I said about gold. Neutral to slightly bearish. Only reason for slightly bearish is it’s the end of the month and August coming up. But, the S&P is sinking.
BITCOIN. Pulling back and digesting gains. Still very bullish. The $70K-$75K is a tough area but once through (it will), watch out above. Risk reward is extremely bullish. Go BITCOIN. If (IF) the U.S does stockpile BTC, then watch other countries join in. OH WOW!
ETH. Follows BITCOIN. End of story. Bullish
BE VERY CAREFUL THE NEXT FEW MONTHS. DON’T BE CERTAIN THERE WILL BE AN ELECTION. WATCH GLOBAL GEOPOLITICAL EVENTS AND HOLD ON TIGHT.
2024 TARGETS:
- BITCOIN 2024……..$95K
- ETH 2024…………???????????????
- GOLD 2024……….??????????
- S&P 500 2024……..??????????
Current trading positions:
- LONG BITCOIN
- NEUTRAL ETH
- NEUTRAL GOLD
- NEUTRAL 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.
