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 11/26/24
BTC | ETH
Neutral for the week of 11/26/24
S&P 500 | GOLD
Bearish for week of 11/26/24
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11/26/24 Closing Prices :
BTC: $91,322.37 | -1.9% | (Tue-Tue)
ETH: $3,309.66 | +6.2% | (Tue-Tue)
Gold: $2,601| 0.00% | (Tue-Tue)
S&P 500: 6,021.63| +1.8% | (Tue-Tue)
First, HAPPY THANKSGIVING.
Well, bitcoin got oh so close to the “magic” $100K number before pulling back slightly. Not surprising. Surprised the profit taking has been so mild (so far?). It appears with the new Trump administration ready to champion reduced crypto regulations and the possibility of a sovereign wealth fund, larger institutional buyers are absorbing the current profit taking.
This is a very short week. Thursday is Thanksgiving and Friday financial markets are either closed or on a short schedule. No meaningful news and a lot of market participants are either traveling or stuck in an airport or a traffic jam. Not much happening.
So, to keep it short and sweet consider this:
BITCOIN is poised to go much higher. And faster. It took 15 years to get here (which not many thought would ever happen) and now the institutions and governments are getting involved. Once the “coin” gets through $100K the next $100K will come fast. Supply is being sucked up. Long term is up.
ETH is like silver to BITCOIN being GOLD. Its cheaper and will “tag along” with BTC. So, the trend is up but at a slower pace.
GOLD. Talk of new economic agendas (tariffs, lower taxes, etc) may cause a stronger dollar, higher interest rates or even a recession is capping GOLD’s upside. It may be “dead money” for a while after a great run. Going neutral.
S&P 500. There is no logic here. A very small group of stocks are making the S&P 500 index look stronger than it should. Either the “laggards” catch up in a stock rotation OR the “tiny few” come down. I’m staying neutral cause I don’t get it.
All the proposed economic agendas have yet to be enacted. They may or may not be finalized. Or in different forms. Hell, the new president hasn’t been sworn in yet. Let’s let things shake out for a while. Could be a year end holiday season of subdued markets.
IF YOU ARE ONE OF THE PROGRESSIVES LEFT OVER FROM THE ELECTION AND IDENTIFY YOURSELF AS A TURKEY FOR THESE HOLIDAYS, BE CAREFUL OUT THERE. lol
2024 TARGETS:
- BITCOIN 2024……..$95K………..$125K-$130K
- ETH 2024…………$4,500
- GOLD 2024……….$4,000………now $3,000
- S&P 500 2024……..??????????
Current trading positions:
- LONG BITCOIN
- LONG 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.
