After a volatile week of trading bitcoin prices have stabilized to begin the weekend. On Saturday, the token gained marginally above $19,000 but is still close to a three-month low. Ethereum also continued to consolidate today, with prices moving back above $1,300.
Bitcoin
Bitcoin (BTC), rose slightly above $19,000 on Saturday as markets continue to digest this week’s increased volatility.
After a Friday low of $18,617.55, the world's biggest cryptocurrency rose to an intraday high of $19,374.55 today.
After a recent breakout that sent bitcoin prices to a 3-month low, this move saw bitcoin rise above $19,300 as its support level.
The chart shows that the price rise in today's session was caused by the relative strength index (RSI), which moved higher over the past 14 days, and hit resistance.
The BTC/USD price has fallen since hitting the ceiling at 44.10 and is currently trading at $19 061.70 as of writing.
Bulls will need to overcome the current obstacle to the RSI if they want to raise the BTC, possibly even to $20,000 above.
Ethereum
Bitcoin and ethereum (ETH), have also experienced a volatile week, with prices falling to $1,220.
The token gained marginally in the back-to-back sessions after reaching this price point, which now seems to be a price ceiling.
Saturday's intraday high for ETH/USD was $1,335.28, less than 24 hours after trading at $1,270.20.
The chart shows that the move was made as the RSI rose too, reaching 38.70 today.
As with bitcoin, this reading brought the index to resistance, which historically has been an area where bears can reenter.
As of Friday's floor, ETH was trading at $1.327.12, up 3% from Friday's.
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Frequently Asked Questions
How much are gold IRA fees?
A monthly fee of $6 for an Individual Retirement Account is charged. This includes account maintenance and any investment costs.
You may have to pay additional fees if you want to diversify your portfolio. These fees will vary depending upon the type of IRA chosen. Some companies offer checking accounts for free, while others charge monthly fees for IRA account.
Most providers also charge annual management costs. These fees vary from 0% to 11%. The average rate is.25% each year. These rates can be waived if the broker is TD Ameritrade.
Is gold buying a good retirement option?
Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.
The most popular form of investing in gold is through physical bullion bars. There are other ways to invest gold. Research all options carefully and make an informed decision about what you desire from your investments.
If you're not looking to secure your wealth, it may be worth considering purchasing shares in mining equipment or companies that extract gold. If you need cash flow to finance your investment, then gold stocks could be a good option.
You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.
Can I hold physical gold in my IRA?
Not only is gold paper currency, but it's also money. Gold is an asset people have used for thousands years as a place to store value and protect their wealth from economic uncertainty and inflation. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Today, many Americans invest in precious metals such as gold and silver rather than stocks and bonds. Although owning gold does not guarantee that you will make money investing in it, there are many reasons to consider adding gold into your retirement portfolio.
One reason is that gold has historically performed better than other assets during periods of financial panic. Between August 2011 to early 2013, gold prices rose close to 100 percent while the S&P 500 fell 21 per cent. Gold was one of the few assets that performed better than stocks during turbulent market conditions.
The best thing about gold investing is the fact that there's virtually no counterparty risk. If your stock portfolio goes down, you still own your shares. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Finally, gold provides liquidity. This means that you can sell gold anytime, regardless of whether or not another buyer is available. Gold is liquid and therefore it makes sense to purchase small amounts. This allows for you to benefit from the short-term fluctuations of the gold market.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
External Links
investopedia.com
finance.yahoo.com
irs.gov
cftc.gov
How To
The History of Gold as an Asset
Gold was a currency from ancient times until the early 20th century. It was popular because of its purity, divisibility. uniformity. scarcity and beauty. Due to its value, it was also internationally traded. There was no international standard for measuring gold at that time, so different weights and measures were used around the world. For example, in England, one pound sterling was equal to 24 carats of silver; in France, one livre tournois was equal to 25 carats of gold; in Germany, one mark was equal to 28 carats of gold; etc.
The United States started issuing American coins in the 1860s made of 90% copper and 10% zinc. The result was a decrease in foreign currency demand, which led to an increase in their price. The price of gold dropped because the United States began to mint large quantities of gold coins. Due to the excessive amount of money flowing into the United States, they had to find a way for them to repay some of their debt. They decided to return some of the gold they had left to Europe.
Many European countries didn't trust the U.S. dollars and started to accept gold for payment. However, after World War I, many European countries stopped taking gold and began using paper money instead. The price of gold has risen significantly since then. Even though the price fluctuates, gold is still one of best investments.
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By: Eliman Dambell
Title: Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Week of Intense Volatility
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-eth-consolidate-following-week-of-intense-volatility/
Published Date: Sat, 24 Sep 2022 12:30:40 +0000
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