Bitcoin
Bitcoin (BTC) experienced a 3.3% decline, reaching $34,195 on November 3, 2023. The cryptocurrency's trading volume stood at $20.79 billion within the last 24 hours. The relative strength index (RSI) reading of 70 suggests that bitcoin is approaching overbought levels. Additionally, the Stochastic oscillator at 86 indicates that a pullback may be imminent.
The commodity channel index (CCI) of 60 indicates that BTC is still trading within the upper half of its recent price range. The ten-day simple moving average (SMA) of $34,494 acts as a near-term resistance level. On the other hand, the longer-term 50-day and 100-day SMAs of $29,072 and $28,261 respectively, signal ongoing positive momentum.
Despite these positive indicators, the RSI's descent towards a bearish divergence, combined with the absence of any forthcoming spot bitcoin exchange-traded fund (ETF) announcements, suggests that a downward price correction could be on the horizon. In such a scenario, it is crucial to monitor the $33,000 and $32,500 levels as critical support thresholds.
Ethereum
Ethereum (ETH) recorded a 2.8% decline, falling to $1,785 within the past 24 hours. The cryptocurrency saw $13.19 billion worth of ether traded during this period. The RSI reading of 61.4 indicates that ethereum has room to rise before overbought conditions materialize.
The Stochastic level of 79.9 suggests that the crypto asset is approaching overbought territory on the daily chart. The CCI reading of 51.4 reflects that ether is currently trading in the middle of its band. The 10-day SMA at $1,800 serves as a close resistance level, while the 50-day and 100-day SMAs at $1,656 and $1,693 respectively, indicate some remaining bullish momentum.
Ethereum has experienced a significant increase in exchange inflows, reaching a five-month high with a surge of nearly 130,000 ether deposited into exchanges. Over the past fortnight, it has risen by more than 10%, and in the past month, over 8%. On Friday, ether recorded a 24-hour trade volume of $13.19 billion.
Today's Bitcoin and Ethereum Market Verdict
Overall, the oscillators show that both leading cryptocurrencies are well-supported. However, a near-term pullback seems likely due to the proximity to overbought levels on the Stochastic. The moving averages confirm that the established uptrends remain intact, with any dips presenting potential buying opportunities. Traders may consider taking profits in the short term while maintaining a bullish outlook for bitcoin (BTC) and ethereum (ETH) in the intermediate term.
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What are your thoughts on bitcoin's and ethereum's price action on Friday? Share your opinions and insights in the comments section below.
Frequently Asked Questions
How much should you have of gold in your portfolio
The amount of money you need to make depends on how much capital you are looking for. Start small with $5k-10k. Then as you grow, you could move into an office space and rent out desks, etc. Renting out desks and other equipment is a great way to save money on rent. You just pay per month.
It's also important to determine what type business you'll run. My website design company charges clients $1000-2000 per month depending on the order. Consider how much you expect to make from each client, if you decide to do this kinda thing.
If you are doing freelance work, you probably won't have a monthly salary like I do because the project pays freelancers. You might get paid only once every six months.
You need to determine what kind or income you want before you decide how much of it you will need.
I recommend starting with $1k to $2k of gold, and then growing from there.
How does a Gold IRA account work?
For people who are looking to invest in precious materials, Gold Ira account accounts provide tax-free investments.
You can purchase physical gold bullion coins anytime. To invest in gold, you don't need to wait for retirement.
An IRA lets you keep your gold for life. Your gold holdings will not be subject to tax when you are gone.
Your heirs will inherit your gold, and not pay capital gains taxes. It is not required that you include your gold in the final estate report because it remains outside your estate.
To open a gold IRA, you will first need to create an individual retirement account (IRA). Once you've done so, you'll be given an IRA custodian. This company acts like a middleman between the IRS and you.
Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual reports.
After you have created your gold IRA, the only thing you need to do is purchase gold bullion. The minimum deposit required to purchase gold bullion coins is $1,000 The minimum deposit is $1,000. However, you will receive a higher percentage of interest if your deposit is greater.
You'll have to pay taxes if you take your gold out of your IRA. If you take out the whole amount, you'll be subject to income taxes as well as a 10 percent penalty.
If you only take out a very small percentage of your income, you may not need to pay tax. There are some exceptions, though. If you take out 30% of your total IRA assets or more, you will owe federal income taxes and a 20 percent penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. Otherwise, you'll face steep financial consequences.
Can I buy Gold with my Self-Directed IRA?
You can purchase gold with your self-directed IRA, but you must first open an account at a brokerage firm like TD Ameritrade. Transfer funds from an existing retirement account are also possible.
The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals may contribute up to $1,000 ($2,000 if married, filing jointly) directly into a Roth IRA.
If you do decide you want to invest your money in gold, you should look into purchasing physical bullion instead of futures contracts. Futures contracts are financial instruments that are based on gold's price. They allow you to speculate on future prices without owning the metal itself. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
Are gold investments a good idea for an IRA?
Any person looking to save money is well-served by gold. It is also an excellent way to diversify you portfolio. But there is more to gold than meets the eye.
It's been used throughout history as a currency, and even today, it remains a popular form of payment. It is often called “the oldest currency in the world.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. Because it is rare and difficult to make, it is extremely valuable.
The supply and demand factors determine how much gold is worth. If the economy is strong, people will spend more money which means less people can mine gold. This results in gold prices rising.
On the flip side, people save cash for emergencies and don't spend it. This leads to more gold being produced which decreases its value.
It is this reason that gold investing makes sense for businesses and individuals. You will benefit from economic growth if you invest in gold.
You'll also earn interest on your investments, which helps you grow your wealth. You won't lose your money if gold prices drop.
What precious metals can you invest in for retirement?
Silver and gold are two of the most valuable precious metals. They are both simple to purchase and sell, and they have been around for a long time. Consider adding them to the list if you're looking to diversify and expand your portfolio.
Gold: This is the oldest form of currency that man has ever known. It is also extremely safe and stable. It is a good way for wealth preservation during uncertain times.
Silver: Silver is a popular investment choice. It's a great option for those who want stability. Silver tends to move up, not down, unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. It's resistant to corrosion and durable, similar to gold and silver. It is however more expensive than its counterparts.
Rhodium: Rhodium is used in catalytic converters. It is also used as a jewelry material. And, it's relatively cheap compared to other types of precious metals.
Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also more accessible. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 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)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
External Links
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads, Example and Risk Metrics
cftc.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement funds
finance.yahoo.com
How To
Three ways to invest in gold for retirement
It is important to understand the role of gold in your retirement plan. There are several options to invest in precious metals if your employer has a 401k. You might also consider investing in gold outside your workplace. For example, if you own an IRA (Individual Retirement Account), you could open a custodial account at a brokerage firm such as Fidelity Investments. Or, if you don't already own any precious metals, you may want to consider buying them directly from a reputable dealer.
These are three simple rules to help you make an investment in gold.
- Buy Gold with Your Money – You don't need credit cards, or to borrow money to finance your investments. Instead, put cash into your accounts. This will protect your against inflation and increase your purchasing power.
- Physical Gold Coins You Should Buy – Physical gold coins should be purchased over a paper certificate. The reason for this is that physical gold coins are much more easily sold than certificates. Physical gold coins don't require storage fees.
- Diversify Your Portfolio. – Do not put all your eggs into one basket. Also, diversify your wealth and invest in different assets. This helps to reduce risk and provides more flexibility when markets are volatile.
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By: Jamie Redman
Title: Bitcoin, Ethereum Technical Analysis: Navigating Choppy Price Action
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-leading-crypto-assets-see-choppy-price-action/
Published Date: Fri, 03 Nov 2023 13:15:48 +0000
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