Bitcoin, Ethereum Technical Analysis: Mixed Signals for Leading Crypto Assets

Bitcoin Price Analysis

In trading on Friday, November 3, 2023, Bitcoin (BTC) experienced a decline of 3.3%, dropping to $34,195. The trading volume during the last 24 hours was $20.79 billion. The relative strength index (RSI) reading of 70 suggests that Bitcoin is approaching overbought levels, while the Stochastic oscillator of 86 indicates the possibility of a pullback.

The commodity channel index (CCI) of 60 reflects 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, while the longer-term 50-day and 100-day SMAs of $29,072 and $28,261 signal ongoing positive momentum.

However, the RSI's descent towards a bearish divergence, along with the absence of any forthcoming spot Bitcoin exchange-traded fund (ETF) announcements, suggests that a downward price correction could be on the horizon. If this occurs, it is crucial to keep an eye on the $33,000 and $32,500 levels, as they are likely to emerge as critical support thresholds.

Ethereum Price Analysis

During the past 24 hours, Ethereum (ETH) witnessed a drop of 2.8%, falling to $1,785. The trading volume for Ether was $13.19 billion. The RSI reading of 61.4 implies that Ethereum still has room to rise before reaching overbought conditions.

The Stochastic level of 79.9 indicates that Ethereum is approaching overbought territory on the daily chart. The CCI reading of 51.4 reflects that ether is trading in the middle of its band. The 10-day SMA at $1,800 acts as a close resistance level, while the 50-day and 100-day SMAs at $1,656 and $1,693 denote some remaining bullish momentum.

Ethereum has recently 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 more than 10%, and over the past month, it has increased by over 8%. On Friday, Ether recorded $13.19 billion in 24-hour trade volume.

Market Verdict for Bitcoin and Ethereum

Overall, the oscillators indicate that both Bitcoin and Ethereum remain supported, but a near-term pullback seems likely due to the proximity to overbought levels on the Stochastic oscillator. The moving averages confirm that the established uptrends remain intact, and any dips may present potential buying opportunities. Traders may consider taking some profits in the short term while maintaining a bullish intermediate-term outlook on Bitcoin (BTC) and Ethereum (ETH).

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Frequently Asked Questions

Is it possible to hold a gold ETF within a Roth IRA

Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).

Traditional IRAs allow for contributions from both employees and employers. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).

An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.

You can also get an Individual Retirement Annuity, or IRA. An IRA allows for you to make regular income payments during your life. Contributions made to IRAs are not taxable.

What are the benefits of a gold IRA

There are many benefits to a gold IRA. It's an investment vehicle that allows you to diversify your portfolio. You decide how much money you want to put into each account, and when you want it to be withdrawn.

You can also rollover funds from other retirement accounts to a gold IRA. This makes for an easy transition if you decide to retire early.

The best part is that you don't need special skills to invest in gold IRAs. They are readily available at most banks and brokerages. You do not need to worry about fees and penalties when you withdraw money.

There are also drawbacks. Gold is known for being volatile in the past. It is important to understand why you are investing in gold. Do you want safety or growth? Are you looking for growth or insurance? Only then will you be able make informed decisions.

If you want to keep your gold IRA open for life, you might consider purchasing more than one ounce. You won't need to buy more than one ounce of gold to cover all your needs. Depending on the purpose of your gold, you might need more than one ounce.

A small amount is sufficient if you plan to sell your gold. You can even get by with less than one ounce. But, those funds will not allow you to buy anything.

How to Open a Precious Metal IRA?

The first step is to decide if you want an Individual Retirement Account (IRA). If you do, you must open the account by completing Form 8606. For you to determine the type and eligibility for which IRA, you need Form 5204. This form should be completed within 60 days after opening the account. Once you have completed this form, it is possible to begin investing. You can also choose to pay your salary directly by making a payroll deduction.

If you opt for a Roth IRA, you must complete Form 8903. Otherwise, the process will look identical to an existing IRA.

To qualify for a precious-metals IRA, you'll need to meet some requirements. The IRS stipulates that you must have earned income and be at least 18-years old. Your annual earnings cannot exceed $110,000 ($220,000 if you are married and file jointly) for any tax year. You must also contribute regularly. These rules apply to contributions made directly or through employer sponsorship.

You can use a precious metals IRA to invest in gold, silver, palladium, platinum, rhodium, or even platinum. However, you won't be able purchase physical bullion. This means you can't trade shares of stock and bonds.

Your precious metals IRA can be used to directly invest in precious metals-related companies. This option may be offered by some IRA providers.

There are two major drawbacks to investing via an IRA in precious metals. First, they're not as liquid as stocks or bonds. It is therefore harder to sell them when required. They also don't pay dividends, like stocks and bonds. Therefore, you will lose more money than you gain over time.


  • Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (
  • 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. (
  • Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (
  • You can only purchase gold bars at least 99.5% purity. (
  • If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (

External Links

How To

Online buying gold and silver is the best way to purchase it.

Before you can buy gold, it is important to understand its workings. Gold is a precious metallic similar to Platinum. It's very rare and is used as money because of its durability and resistance to corrosion. It is difficult to use so people prefer to buy jewelry made from it to gold bars.

Two types of gold coins are available today: the legal tender type and the bullion type. Legal tender coins are designed for circulation in a country. They often have denominations like $1 or $5 or $10.

Bullion coins can only be used as investment currency. They increase in value due to inflation.

They aren't circulated in any currency exchange systems. One example is that if someone buys $100 worth gold, they get 100 grams with a $100 value. The buyer receives 1 gram of gold for every dollar spent.

When you are looking to purchase gold, the next thing to know is where to get it. There are many options for buying gold directly from dealers. First, your local currency shop is a good place to start. You can also try going through a reputable website like eBay. You might also consider buying gold from an online private seller.

Private sellers are individuals that offer gold at wholesale or retail prices. Private sellers will charge you a 10% to 15% commission for every transaction. This means that you will get less back from a private seller than if you sell it through a coin shop or on eBay. This is a great option for gold investing because you have more control over the item’s price.

Another way to buy gold is by investing in physical gold. Although physical gold is easier to store than paper certificates you will still need to ensure it is safe. Physical gold should be stored in an impenetrable container, such a vault and safety deposit box to ensure its safety.

To purchase gold by yourself, you can visit a bank and a pawnshop. A bank can offer you a loan for the amount that you need to buy gold. Small establishments that allow customers to borrow money for items they have brought are called pawnshops. Banks typically charge higher interest rates than pawn shops.

You can also ask for help to purchase gold. Selling gold is simple too. Set up a simple account with and you will start receiving payments instantly.


By: Jamie Redman
Title: Bitcoin, Ethereum Technical Analysis: Mixed Signals for Leading Crypto Assets
Sourced From:
Published Date: Fri, 03 Nov 2023 13:15:48 +0000

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