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. 1/31/19 Closing Prices:Bitcoin: $3,411.77 (-$27.77) Ether: $105.51 (-$2.46) Gold: $1,320 (+$10.00) DJIA: 24,999.67 (-15.19) S&P 500: 2,704.10 (+23.05) Nasdaq Comp: 7,218.74 (+98.66) Trading Summary Notes for Thursday, 1/31/2019
- BITCOIN? Who cares, ho hum, sleepwalking and just plain dull. For a time anyway
- Over the past several weeks where (seemingly) BTC looked like it had found a home in the $3,500-$3,700 range, it has eased lower and now looks comfy in the $3,300-$3,500 zone
- The rate of descent in BITCOIN is getting slower and slower as interest wanes. Or, looking at the longer term, getting “sold out”
- What I’m trying to say……this is becoming a long stretched out bottom area for BITCOIN
- Of course that is echoed in ETHEREUM as well. Wherever BITCOIN goes….ETH follows
- So, if these areas hold there will be awakened interest in crypto (soon? later in the year?) and the upside “explosion” will be impressive
- In the meantime, GOLD, GOLD GOLD! That’s where the interest is and the buyers are hanging out
- As I have been yelling for months, GOLD is in a new long term bull market so buying the dips is the strategy of 2019. Near term target is $1,400
- LONG TERM BULLISH ON BITCOIN AND GOLD. NEUTRAL ON ETH
Current trading positions; LONG BITCOIN AND GOLD
Bill Taylor is Managing Partner at Fintek Capital & a frequent contributor
