Bitcoin's Recent Value Increase
While U.S. equities and precious metals remain flat, bitcoin has seen an uptick in value over the past day. Currently valued at $38,376, with an intraday range stretching from $37,547 to $38,804, bitcoin's market capitalization stands at $750 billion. Over the past 24 hours, bitcoin has gained 1.5% against the U.S. dollar and 5.4% over the fortnight.
Bitcoin Oscillators Analysis
Oscillators for bitcoin (BTC), as of December 1, 2023, show a mix of different signals. The relative strength index (RSI) at 63 indicates a neutral position, while the Stochastic is also neutral at the moment, at 80. The commodity channel index (CCI) stands at 150, suggesting neutrality as well. However, Momentum at 2642 signals positive sentiment contrasting with the moving average convergence/divergence (MACD) level at 909, which shows bearish signals.
Moving Averages Analysis
The moving averages paint a more optimistic picture. Both the exponential moving average (EMA) and simple moving average (SMA) across various timeframes (10, 20, 30, 50, 100, and 200 days) suggest a positive upswing in the cards. Notably, EMAs are higher than their corresponding SMAs, indicating a strong upward trend. The longer-term averages (100 and 200 days) are significantly lower than the current price, further reinforcing the bullish sentiment in the market.
The 4-hour chart analysis reveals a consistent uptrend, marked by higher highs and lows, with a notable increase from $25,977 to $38,839. The daily chart analysis aligns with this, showing a strong upward movement over recent months. Potential entry and exit points vary; a pullback to around $36,000 could offer an entry point, with an exit near recent highs or a more conservative entry following a daily close above the resistance level at $38,839.
The current technical analysis of bitcoin (BTC) as of December 1, 2023, strongly leans towards a bullish outcome. The indicators, particularly the moving averages, suggest a robust upward trend. The consistent positive momentum in the market, combined with the reduced supply of Bitcoin and high investor confidence, points to a likely continuation of the upward trajectory.
Conversely, a bearish perspective must also be considered for BTC as of Friday morning Eastern Time. Despite some bullish indicators, the mixed signals from oscillators cannot be overlooked. The neutral RSI and Stochastic, along with the contrasting signals from Momentum and MACD, suggest potential volatility and uncertainty.
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What do you think about bitcoin's market action on Friday morning? Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
Is gold buying a good retirement option?
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. But there are many other options for investing in gold. It's best to thoroughly research all options before you make a decision.
If you don't want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. Owning gold stocks should work well if you need cash flow from your investment.
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 usually include stocks of precious metals refiners or gold miners.
Is gold a good choice for an investment IRA?
Any person looking to save money is well-served by gold. It's also a great way to diversify your portfolio. But gold has more to it than meets the eyes.
It has been used throughout history as currency and it is still a very popular method of payment. It is often called “the oldest currency in the world.”
But unlike paper currencies, which governments create, gold is mined out of the earth. This makes it highly valuable as it is hard and rare to produce.
Gold prices fluctuate based on demand and supply. The economy that is strong tends to be more affluent, which means there are less gold miners. Gold's value rises as a result.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This leads to more gold being produced which decreases its value.
This is why gold investment makes sense for both individuals and businesses. You will benefit from economic growth if you invest in gold.
Also, your investments will earn you interest which can help increase your wealth. If gold's value falls, you don't have to lose any of your investments.
How does a Gold IRA account work?
You can purchase physical gold bullion coins anytime. To invest in gold, you don't need to wait for retirement.
The beauty of owning gold as an IRA is you can hold on to it forever. Your gold assets will not be subjected tax upon your death.
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'll need to first set up an Individual Retirement Account (IRA). Once you've done that, you'll receive an IRA custody. This company acts as a mediator between you, the IRS.
Your gold IRA custody will take care of the paperwork and send the forms to IRS. This includes filing annual reports.
After you have established your gold IRA you will be able purchase gold bullion coin. The minimum deposit is $1,000. A higher interest rate will be offered if you invest more.
You'll have to pay taxes if you take your gold out of your IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
However, if you only take out a small percentage, you may not have to pay taxes. However, there are exceptions. However, there are exceptions. If you take 30% or more of your total IRA asset, you'll owe federal Income Taxes plus a 20% penalty.
It's best not to take out more 50% of your total IRA investments each year. A violation of this rule can lead to severe financial consequences.
- (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)
- 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)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Three Ways to Invest In Gold For Retirement
It is crucial to understand how you can incorporate gold into your retirement plans. You have many options for investing in gold if there is a 401K account at your workplace. It is also possible to invest in gold from outside of your work environment. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. You might also consider purchasing precious metals directly from a trusted dealer if they are not already yours.
These are the three rules to follow if you decide to invest in gold.
- Buy Gold with Your Money – You don't need credit cards, or to borrow money to finance your investments. Instead, invest in cash. This will protect you from inflation and help keep your purchasing power high.
- Physical Gold Coins – Physical gold coins are better than a paper certificate. It's easier to sell physical gold coins rather than certificates. Also, there are no storage fees associated with physical gold coins.
- Diversify your Portfolio – Don't put all your eggs in one basket. This is how you spread your wealth. You can invest in different assets. This helps to reduce risk and provides more flexibility when markets are volatile.
By: Jamie Redman
Title: Bitcoin Technical Analysis: BTC Bulls Break Resistance, Holding Above $38K
Sourced From: news.bitcoin.com/bitcoin-technical-analysis-btc-bulls-break-resistance-holding-above-38k/
Published Date: Fri, 01 Dec 2023 14:15:34 +0000