The Taylor Report-Bitcoin vs Gold vs Ethereum (9/10/18)

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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.

9/10/18 Closing Prices:

Bitcoin: $6,306.1 (-$136.99) (from Friday’s close)
Ethereum: $195.33 (-$24.73) (from Friday’s close)
Gold: $1,196 (-$0-) (from Friday’s close)
Dow Jones Industrials: 25,857.07 (-59.47)
S&P 500: 2,877.13 (+5.45)
Nasdaq Composite: 7,924.16 (+21.62)

CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time Index
CME ETH_RR_USD Ethereum Reference Rate & CME ETH_RTI_USD Ethereum Real Time Index

Trading Summary Notes for Monday, 9/10/2018

Rough weekend for BITCOIN but tragic for ETH. ETHEREUM settles under $200 and weaker in late trading
BITCOIN, and all cryptos facing, some tax selling pressure?
Case for BITCOIN still intact and, in fact, getting stronger as it is emerging as the premier crypto
Downside support at $6,000, upside target $8,500
ETHEREUM breaking under our target of $200. Selling pressure continues, very difficult to assess a downside target
GOLD stable at just under $1,200, unchanged on the weekend
Wage inflation beginning to become a hot topic. Price inflation tends to follow higher wages. INFLATION very underestimated
So far, $1,190-$1,195 is holding. After that $1,175-$1,180 is support. Its all about the dollar
Getting VERY bullish on GOLD. A solid close above $1,210 should bring in buyers; target $1,250
Long term bullish on BITCOIN and GOLD. Neutral on ETH.