Bitcoin's Price Movements on December 4, 2023
On December 4, 2023, the price of bitcoin experienced significant fluctuations, trading between $39,409 and $42,155 throughout the day. Notably, the cryptocurrency briefly surpassed the $42K mark, reaching a height not seen since the Terra LUNA crash. As of the time of writing, bitcoin is trading at $41,556 per unit, with a market capitalization of approximately $813 billion.
Technical Indicators
Currently, bitcoin's relative strength index (RSI) stands at 85, indicating a balanced stance. The Stochastic reading is 89, suggesting a slightly bearish signal after reaching the $42K milestone. The commodity channel index (CCI) is at 229, maintaining a neutral position. Despite these indicators, bitcoin's movement is strongly supported by various moving averages, which all point towards positivity in the market.
Moving Averages and Market Trend
The exponential moving averages (EMAs) and simple moving averages (SMAs) for 10, 20, 30, 50, 100, and 200 days consistently favor the current upward trend, ranging from $38,893 to $40,284. These moving averages provide strong support for bitcoin's price movement and indicate a positive market sentiment.
Analysis of the 4-Hour Chart
Contrasting the short-term analysis, the 4-hour chart reveals a sustained uptrend characterized by a series of higher highs and higher lows, which is a bullish sign. The highest peak on the 4-hour chart aligns with the short-term resistance level, and volume spikes during upward movements further support the current market optimism. Traders looking for potential entry points may consider pullbacks, while reversal patterns accompanied by high volume could indicate a possible end to the current trend and serve as exit points.
Bullish Outlook
After a comprehensive analysis, the outlook for bitcoin on December 4 leans predominantly towards a bullish perspective. The alignment of various moving averages and the confirmation of a series of higher highs and higher lows on longer-term charts reinforce this sentiment, indicating a strong upward trend in the market.
Bearish Outlook
Conversely, the analysis of bitcoin on December 4 can also be interpreted with a bearish viewpoint. The overbought conditions suggested by the RSI and the significant selling pressure observed in the short-term chart analysis indicate potential market exhaustion.
What are your thoughts on bitcoin's market action on Monday morning? Feel free to share your opinions and insights in the comments section below.
Frequently Asked Questions
What is the cost of gold IRA fees
$6 per month is the Individual Retirement Account Fee (IRA). This includes the account maintenance fees and any investment costs associated with your chosen investments.
If you wish to diversify your portfolio, you may need to pay additional fees. The fees you pay will vary depending on the type of IRA that you choose. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
In addition, most providers charge annual management fees. These fees vary from 0% to 11%. The average rate per year is.25%. These rates are often waived if a broker like TD Ameritrade is used.
What is the best precious-metal to invest?
This depends on what risk you are willing take and what kind of return you desire. While gold is considered a safe investment option, it can also be a risky choice. Gold may not be right for you if you want quick profits. If you have time and patience, you should consider investing in silver instead.
If you don’t desire to become rich quickly, gold may be your best option. Silver may be a better option for investors who want long-term steady returns.
How much of your IRA should include precious metals?
The most important thing you should know when investing in precious metals is that they are not just for wealthy people. You don't have to be rich to invest in them. There are many ways to make money on silver and gold investments without spending too much.
You might consider purchasing physical coins, such as bullion bars and rounds. Also, you could buy shares in companies producing precious metals. Or, you might want to take advantage of an IRA rollover program offered by your retirement plan provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. Although they aren’t stocks, they offer the possibility for long-term gains.
And unlike traditional investments, they tend to increase in value over time. This means that if you decide on selling your investment later, you'll likely get more profit than you would with traditional investing.
Statistics
- 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)
- (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)
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
finance.yahoo.com
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options? Types, Spreads. Example. And Risk Metrics
irs.gov
How To
The best place to buy silver or gold online
Understanding how gold works is essential before you buy it. It is a precious metal that is very similar to platinum. Because of its resistance to corrosion and durability, it is very rare. It is very difficult to use and most people prefer to purchase jewelry made of it over actual bars of Gold.
Two types of gold coins are available today: the legal tender type and the bullion type. Legal tender coins can be used for circulation within a country. These coins usually come in denominations such $1, $5 and $10.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They are not exchangeable in any currency exchange system. If a person purchases $100 worth of gold, 100 grams of the gold will be given to him/her. The $100 value is $100. Each dollar spent earns the buyer 1 gram gold.
When you are looking to purchase gold, the next thing to know is where to get it. There are a few options if you wish to buy gold directly from a dealer. First, go to your local coin shop. You could also look into eBay or other reputable websites. You might also consider buying gold from an online private seller.
Private sellers are individuals that offer gold at wholesale or retail prices. When selling gold through private sellers, you pay a commission fee of 10% to 15% per 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 option can be a good choice for investing in gold because it allows you to control the price.
You can also invest in gold physical. It is easier to store physical gold than paper certificates. But, you still have to take care of it. 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 provide you with a loan to cover the amount you wish to invest in gold. Small establishments that allow customers to borrow money for items they have brought are called pawnshops. Banks often charge higher interest rates then pawnshops.
You can also ask for help to purchase gold. Selling gold can also be done easily. A company such as GoldMoney.com can help you set up a simple bank account and get paid immediately.
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By: Jamie Redman
Title: Bitcoin Price Analysis: Bullish or Bearish Outlook on December 4
Sourced From: news.bitcoin.com/bitcoin-technical-analysis-btc-breaks-42k-resistance-in-latest-bullish-swing/
Published Date: Mon, 04 Dec 2023 13:00:05 +0000
