The Taylor Report - Bitcoin vs Gold vs Ethereum

Published Date
November 8, 2019

By Bill Taylor, Contributor/Entoro Wealth

The opinions expressed below are my own and do not necessarily represent those of Entoro.

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 as well as the London Bullion Market afternoon price settlement.

11/8/19 Closing Prices:

Bitcoin:                     $8,746.39               -$456.88
Ether:                        $182.11                  -$4.03
Gold:                          $1,464                    -$1.00

Trading Summary Notes for Thursday, 11/8/19

  • The last few weeks BITCOIN has had a very nice jump from the $7,000 area to the $10,000 number before recently settling back to the $9,000-$9,400 range. Should BITCOIN break the $9,000 level it may settle into the $8,500 area;
  • Why? Well, seems China has become friendlier to the crypto currency sector and rather than their previous stance to ban bitcoin mining China is now welcoming BTC mining;
  • Oh yes, and China is also looking to develop a digital currency of their own. A digital Juan. Bullish for the crypto sector;
  • Coupled with the formal launch of Bakkt’s physical delivery bitcoin exchange  AND the introduction of bitcoin options by the CME Group………………..well, the acceptance and ease of institutional participation activity results in a bitcoin jump;
  • So, WHAT NOW? A re-grouping and firming up in the $8,500 area until the next jump higher. WHEN? Good question. Rest assured when the jump comes it will be sharp and quick. You need to be ready (long) or ready to chase;
  • BITCOIN next target? $11,000;
  • ETH of course follows BTC so selling pressure also drove ETH down as well and has now dragged ETH back UP into the $180 area. Next move UP for bitcoin gets ETH back over $200. Let’s say $205-$210;
  • Still extremely BULLISH;
  • GOLD taking a big ‘hit’ today as interest rates tick up a bit on re-affirming that China trade deal will happen and economic growth picks up;
  • After dancing around above and below the $1,500 number looks like GOLD is shaking some long holders out. Let’s say $1,450-$1,460 is solid to place to be a buyer for next move up;
  • GOLD? Stay long. Super powerful move under way. $1,650-$1,700 next target. Buy the dips.

Current trading positions:  LONG  BITCOIN & GOLD

Bill Taylor is Managing Director/CIO at Entoro Wealth & a frequent contributor to FA-Mag.com

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