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. 4/15/19 Closing Prices:Bitcoin: $5,153.19 (+$81.40) Ether: $166.26 (+$2.40) Gold: $1,288 (-$2.50) DJIA: 26,384.77 (-27.53) S&P 500: 2,905.58 (-1.83) Nasdaq Comp: 7,976.01 (-8.15) Trading Summary Notes for Thursday, 4/15/2019
- BITCOIN and ETH pushed higher but is seeing some profit taking in the afternoon. Short term traders should consider using sell stops (say 10%)
- All strong rallies have pullbacks. Lets turn a touch “neutral on BITCOIN and ETH for a bit
- News that France has passed legislation allowing institutions to allocate ANY amount of investable funds to go into cryptos will be a strong underpinning…..maybe just not today
- GOLD continues to be under a bit of pressure. Brexit hard exit? Risk on scenario (sell gold)? Don’t have a clear answer
- GOLD dips are a buying opportunity and support around $1,285-$1,290 (being tested right now). If GOLD doesn’t hold $1,285 look for a test of $1,250-$1,255
- Upside target still $1,400
- Again, to sum up, near term slightly neutral on BITCOIN, ETH and GOLD;
- Longer term; BITCOIN $6,500 ETH $190-195 GOLD $1,400
Current trading positions; LONG BITCOIN, ETH AND GOLDCurrent trading positions; LONG BITCOIN, ETH AND GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor
