Introduction
The price of Bitcoin on November 24, 2023, has shown a steady increase, reaching $37,903. In the past 24 hours, BTC has fluctuated between $36,972 and $38,078, with a trading volume of $17.41 billion, indicating strong market activity. The market capitalization of this cryptocurrency currently stands at $737 billion.
Optimistic Outlook
The technical indicators for Bitcoin (BTC) suggest an optimistic outlook. The oscillators, such as the relative strength index at 62 and the Stochastic at 83, currently indicate a neutral stance. However, the commodity channel index at 123 suggests a growing momentum. These readings imply that while the market is not overbought or oversold, it is preparing for potential price movements.
Positive Trend
Moving averages also support a positive sentiment. The exponential and simple moving averages across different time frames (10, 20, 30, 50, 100, and 200 days) all indicate an upward trajectory for BTC's price. This alignment across various time frames confirms a strong and sustained bullish trend, reinforcing the positive sentiment among traders.
Encouraging Chart Analysis
Analyzing the 4-hour chart, Bitcoin shows an encouraging trend. The chart displays a recent uptrend characterized by higher highs and higher lows. The increase in volume accompanying this uptrend indicates a strong buying interest and suggests the possibility of further price increases.
Resistance and Support Levels
BTC currently faces immediate resistance at the recent high of $38,078. On the other hand, a significant support level is established at the previous low of around $35,539. Traders should closely monitor these levels as they can provide insights into potential breakout or retracement scenarios.
Entry and Exit Points
A potential entry point could be around the $37,000 mark, which aligns with the latest breakout level. This price point may now act as a support level, having previously served as resistance. As for the exit strategy, traders may consider taking profits near the recent high of $38,078 or using a trailing stop loss if they anticipate a continuation of the uptrend.
Bull Verdict
The technical analysis for BTC/USD as of November 24, 2023, strongly suggests a bullish trend. The alignment of both oscillators and moving averages indicates a sustained upward momentum. With a consistent pattern of higher highs and higher lows, along with a robust market capitalization, the market sentiment leans positively.
Bear Verdict
Despite the current bullish indicators, a bearish outlook cannot be completely disregarded for BTC as of November 24, 2023. The cryptocurrency market is known for its volatility, and a sudden shift in investor sentiment or external economic factors could reverse the current trend. The resistance level near $38,078 might prove to be a significant hurdle, and a failure to break through it could lead to a retracement.
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Frequently Asked Questions
What are the advantages of a gold IRA
You can save money on retirement by putting your money into an Individual Retirement Account. You can withdraw it at any time, but it is tax-deferred. You control how much you take each year. And there are many different types of IRAs. Some are better suited to college savings. Others are intended for investors seeking higher returns. Roth IRAs, for example, allow people to contribute after they turn 59 1/2. They also pay taxes on any earnings when they retire. However, once they begin withdrawing funds, these earnings are not taxed again. This type account may make sense if it is your intention to retire early.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA' is similar to any other IRAs. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn't require you to worry about taxation while you wait to get them. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.
Another benefit to owning IRA gold is the ability to withdraw automatically. This eliminates the need to constantly make deposits. You could also set up direct debits to never miss a payment.
Finally, gold remains one of the best investment options today. Its value is stable because it's not tied with any one country. Even during economic turmoil, gold prices tend to stay relatively stable. This makes it a great investment option to protect your savings from inflation.
What are the benefits of a gold IRA
There are many advantages to a gold IRA. It's an investment vehicle that allows you to diversify your portfolio. You control how much money goes into each account and when it's withdrawn.
You have the option of rolling over funds from other retirement account into a gold IRA. This is a great way to make a smooth transition if you want to retire earlier.
The best part is that you don't need special skills to invest in gold IRAs. They are offered by most banks and brokerage companies. You do not need to worry about fees and penalties when you withdraw money.
That said, there are drawbacks too. Gold has always been volatile. So it's essential to understand why you're investing in gold. Are you looking for safety or growth? Is it for security or long-term planning? Only after you have this information will you make an informed decision.
You might want to buy more gold if you intend to keep your gold IRA for a long time. A single ounce will not be sufficient to meet all your requirements. You could need several ounces depending on what you plan to do with your gold.
You don't have to buy a lot of gold if your goal is to sell it. Even one ounce is enough. You won't be capable of buying anything else with these funds.
How much money should I put into my Roth IRA?
Roth IRAs are retirement accounts that allow you to withdraw your money tax-free. These accounts cannot be withdrawn until you turn 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, your principal (the original deposit amount) cannot be touched. You cannot withdraw more than the original amount you contributed. If you take out more than the initial contribution, you must pay tax.
The second rule states that income taxes must be paid before you can withdraw earnings. Also, taxes will be due on any earnings you take. Let's assume that you contribute $5,000 each year to your Roth IRA. Let's further assume you earn $10,000 annually after contributing. On the earnings, you would be responsible for $3,500 federal income taxes. That leaves you with only $6,500 left. Since you're limited to taking out only what you initially contributed, that's all you could take out.
You would still owe tax on $1,500 if you took out $4,000 of your earnings. On top of that, you'd lose half of the earnings you had taken out because they would be taxed again at 50% (half of 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
Two types of Roth IRAs are available: Roth and traditional. A traditional IRA allows for you to deduct pretax contributions of your taxable income. Your traditional IRA can be used to withdraw your balance and interest when you are retired. You have the option to withdraw any amount from a traditional IRA.
Roth IRAs don't allow you deduct contributions. However, once you retire, you can withdraw your entire contribution plus accrued interest. There is no minimum withdrawal requirement, unlike traditional IRAs. You don’t have to wait for your turn 70 1/2 years before you can withdraw your contributions.
Is it a good retirement strategy to buy gold?
Although buying gold as an investment might not sound appealing at first, when you look at the average annual gold consumption worldwide, it is worth looking into.
Physical bullion is the most popular method of investing in gold. You can also invest in gold in other ways. It is best to research all options and make informed decisions based on your goals.
If you don’t need a safe place for your wealth, then buying shares of mining companies or companies that extract it might be a better alternative. If you need cash flow to finance your investment, then gold stocks could be a good option.
ETFs allow you to invest in exchange-traded funds. These funds give you exposure, but not actual gold, by investing in gold-related securities. These ETFs often include stocks of gold miners, precious metals refiners, and commodity trading companies.
Can the government seize your gold?
Your gold is yours, so the government cannot confiscate it. You worked hard to earn it. It belongs entirely to you. This rule could be broken by exceptions. You can lose your gold if you have been convicted for fraud against the federal governments. Your precious metals can also be lost if you owe tax to the IRS. You can keep your gold even if your taxes are not paid.
Statistics
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
investopedia.com
cftc.gov
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
bbb.org
How To
Investing with gold or stocks
It might seem risky to invest in gold as an investment vehicle these days. The reason behind this is that many people believe that gold is no longer profitable to invest in. This belief arises because most people believe that the global economy is driving down gold prices. They feel that gold investment would cause them to lose money. However, investing in gold can still provide significant benefits. We'll be looking at some of these benefits below.
One of the oldest forms known of currency is gold. There are thousands of records that show gold was used over the years. It was used all around the world as a reserve of value. Even today, countries such as South Africa continue to rely heavily on it as a form of payment for their citizens.
It is important to determine the price per Gram that you will pay for gold when making a decision about whether or not to invest. You must determine how much gold bullion you can afford per gram before you consider buying it. If you don’t know what the current market price is, you can always call a local jewelry store and ask them their opinion.
It's also important to note that, although gold prices are down in recent months, the costs of producing it have risen. Although the price of gold has dropped, production costs have not.
The amount of gold that you are planning to purchase is another important consideration when deciding whether or not gold should be bought. For example, if you only intend to purchase enough to cover your wedding rings, it probably makes sense to hold off on buying any gold. However, if you are planning on doing so for long-term investments, then it is worth considering. Profitable gold can be sold at a lower price than it was when you bought it.
We hope this article has given you an improved understanding of gold investment tools. We recommend that you investigate all options before making any major decisions. Only after you have done this can you make an informed choice.
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By: Jamie Redman
Title: Bitcoin Technical Analysis: Bulls Eye $38K Amid Stiff Resistance
Sourced From: news.bitcoin.com/bitcoin-technical-analysis-bulls-eye-38k-amid-stiff-resistance/
Published Date: Fri, 24 Nov 2023 15:23:29 +0000
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