In this article, we will be examining the performance of both Bitcoin and Ethereum in the current trading session. Bitcoin's performance seems to have plateaued for the day, with market players consolidating gains after a recent peak. Concurrently, Ethereum's performance shows a slight upward trend, hovering around the $1,580 mark. Let's dive deeper into these intriguing market trends.
Bitcoin's Market Performance
Market participants saw Bitcoin's performance remain stable today, a step that suggests profits are being consolidated after the recent highs. Bitcoin's price lowered to $28,172.91 early in today's trading session, showing a decrease from yesterday's high of $28,889.01.
This consolidation in price comes in the wake of Bitcoin's ascension to around $30,000 earlier in the week. The decrease seems to be in line with the 14-day Relative Strength Index (RSI), which currently sits just above the 62.00 level.
At the time of writing, the RSI is at 62.28, after an unsuccessful attempt to break past a resistance level of 65.00 on Monday. Analysts suggest that this pattern might persist until the RSI breaks through either the current floor or ceiling level.
Ethereum's Market Performance
In contrast, Ethereum's market performance in today's trading session displays a slight upward trend, as it continues to hover around the $1,580 mark. After hitting a low of $1,554.40 on Tuesday, Ethereum's price rose to an intraday high of $1,584.73.
However, these gains have moderated, with Ethereum currently trading at $1,577.40. Despite this, short-term bulls are still eyeing the $1,600 mark. Achieving this goal may prove challenging as the market momentum currently leans towards the bearish side, with the 10-day moving average continuing to trend downwards.
Currently at a reading of 45.75, Ethereum's price strength faces a potential resistance at the 49.00 mark. If it manages to break past this level, we could expect to see a surge of bullish activity in the market.
Will this week witness a market breakout? It remains to be seen. Stay tuned for more updates and analysis on the cryptocurrency market.
Frequently Asked Questions
How much gold should your portfolio contain?
The amount of capital that you require will determine how much money you can make. For a small start, $5k to $10k is a good range. As your business grows, you might consider renting out office space or desks. Renting out desks and other equipment is a great way to save money on rent. Rent is only paid per month.
Consider what type of business your company will be running. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. This is why you should consider what you expect from each client if you're doing this kind of thing.
Freelance work is not likely to pay a monthly salary. The project pays freelancers. This means that you may only be paid once every six months.
So you need to decide what kind of income you want to generate before you know how much gold you will need.
I recommend starting with $1k-$2k in gold and working my way up.
How much is gold taxed under a Roth IRA
The tax on an investment account is based on its current value, not what you originally paid. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
However, if the money is deposited into a traditional IRA/401(k), the tax on the withdrawal of the money is not applicable. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
These accounts are subject to different rules depending on where you live. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. Massachusetts allows you up to April 1st. New York offers a waiting period of up to 70 1/2 years. You should plan and take distributions early enough to cover all retirement savings expenses to avoid penalties.
How much of your IRA should include precious metals?
You should remember that precious metals are not only for the wealthy. They don't require you to be wealthy to invest in them. In fact, there are many ways to make money from gold and silver investments without spending much money.
You could also consider buying physical coins like bullion bars, rounds or bullion bars. 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.
No matter what your preference, precious metals will still be of benefit to you. Even though they aren't stocks, they still offer the possibility of long-term growth.
And, unlike traditional investments, their prices tend to rise over time. You'll probably make more money if your investment is sold down the line than traditional investments.
How much money should I put into my Roth IRA?
Roth IRAs can be used to save taxes on your retirement funds. You cannot withdraw funds from these accounts until you reach 59 1/2. However, if your goal is to withdraw funds before that time, there are certain rules you must observe. First, you cannot touch your principal (the original amount deposited). You cannot withdraw more than the original amount you contributed. If you are able to take out more that what you have initially contributed, you must pay taxes.
The second rule says that you cannot withdraw your earnings without paying income tax. Withdrawing your earnings will result in you paying taxes. Let's assume that you contribute $5,000 each year to your Roth IRA. Let's say you earn $10,000 each year after contributing. The federal income tax on your earnings would amount to $3,500. You would have $6,500 less. The amount you can withdraw is limited to the original contribution.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. In addition, 50% of your earnings will be subject to tax again (half of 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.
There are two types: Roth IRAs that are traditional and Roth. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. Your traditional IRA can be used to withdraw your balance and interest when you are retired. You can withdraw as much as you want from a traditional IRA.
Roth IRAs do not allow you to deduct your contributions. However, once you retire, you can withdraw your entire contribution plus accrued interest. Unlike a traditional IRA, there is no minimum withdrawal requirement. You don't need to wait until your 70 1/2 year old age before you can withdraw your contribution.
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- 7 U.S. Code SS7 – Designation of boards for trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement accounts
Guidelines for Gold Roth IRA
The best way to invest for retirement is by starting early. Start saving as soon as possible, usually at age 50. You can continue to save throughout your career. It is important to invest enough money each and every year to ensure you get adequate growth.
Also, you want to take advantage tax-free options such as a traditional 401k, SEP IRA or SIMPLE IRA. These savings vehicles enable you to make contributions while not paying any taxes on the earnings, until they are withdrawn. This makes them a great choice for people who don’t have access employer matching funds.
Savings should be done consistently and regularly over time. You will lose any potential tax advantages if you don't contribute enough.
By: Eliman Dambell
Title: Bitcoin and Ethereum Market Analysis: A Closer Look at Today's Trading Session
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-bulls-secure-gains-following-a-recent-multi-month-high/
Published Date: Wed, 18 Oct 2023 13:16:08 +0000
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