Bitcoin, Ethereum Technical Analysis: Market Holds Its Breath for Fed’s Upcoming Policy Decision

Bitcoin and Ethereum Show Divergent Paths Navigating Uncertain Waters

As November 2023 unfolds, the crypto economy is buzzing with market activity, showcasing a striking performance from bitcoin (BTC) alongside a steady progression from ethereum (ETH). Crypto markets are calm and consolidated at the moment, as market observers and traders wait for the news stemming from the Federal Open Market Committee (FOMC) policy announcement.


Currently, at the time of writing, bitcoin (BTC) is exchanging hands at $34,388.22 per unit. The leading crypto asset has recorded a 24-hour range between $34,174 and $34,703 per BTC. Bitcoin commands approximately $8.97 billion in global trade volume on Wednesday, and its market cap dominates by 50.9%.

Bitcoin's current state reflects a strong bullish momentum, underscored by its significant price surge over the last fortnight. The relative strength index (RSI) at 79 and Stochastic at 75 both point toward overbought conditions, signaling the potential for a price correction or consolidation in the near term. However, the moving averages tell a different story; with the exponential moving average (EMA) at 33,586 and simple moving average (SMA) at 34,173, both indicators suggest a bullish signal, reinforcing the prevailing upward trend.

Despite the positive price movement, caution is necessary due to the discrepancy between the oscillators and moving averages. The overbought conditions indicated by the RSI and Stochastic could lead to increased volatility, and traders should be prepared for potential short-term price fluctuations. The moving averages, while bullish, could also be interpreted in conjunction with the caution signals shown by the two oscillators.


Presently, ethereum's (ETH) price is coasting along at $1,796 per unit. ETH has witnessed a 24-hour range of $1,786 to $1,827 per ether. Ethereum's volume is higher than BTC's today with $10.56 billion traded over the last 24 hours. In terms of market dominance, ETH's market valuation amounts to 16.4% of the $1.3 trillion crypto economy.

Ethereum presents a more tempered growth story, with a 3.9% increase in price over the past month. The oscillators, with an RSI of 67 and Stochastic of 76, do not indicate an extreme market condition, suggesting a more stable and neutral environment compared to Bitcoin. The moving averages, with an EMA of 1,771 and SMA of 1,792, provide additional support for a positive outlook, though the growth is not as pronounced as that of Bitcoin.

The steadier price movement of Ethereum, coupled with the less extreme oscillator values, positions ETH as a potentially less volatile option in the current market. However, traders should still exercise caution and consider a range of indicators and market conditions before making trading decisions. The positive trend indicated by the moving averages is a promising sign, but it is crucial to remain vigilant and stay updated with market developments.

Do you think today's FOMC policy announcement will impact crypto markets like Bitcoin and Ethereum? Leave your thoughts in the comments below.

Frequently Asked Questions

Should You Buy or Sell Gold?

In the past, gold was considered a haven for investors during economic turmoil. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.

The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.

This could be changing, according to some experts. Experts predict that gold prices will rise sharply in the wake of another global financial collapse.

They also mention that gold is becoming more popular due to its perceived worth and potential return.

Here are some things to consider if you're considering investing in gold.

  • Consider first whether you will need the money to save for retirement. You can save for retirement and not invest your savings in gold. However, you can still save for retirement without putting your savings into gold.
  • Second, make sure you understand what you're getting yourself into before you start buying gold.There are several different types of gold IRA accounts available. Each one offers different levels security and flexibility.
  • Keep in mind that gold may not be as secure as a bank deposit. You may lose your gold coins and never be able to recover them.

You should do your research before buying gold. Make sure to protect any gold you already own.

What are the benefits of a gold IRA

Many benefits come with 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 also have the option to transfer funds from other retirement plans into a IRA. This allows you to easily transition if your retirement is early.

The best thing about investing in gold IRAs is that you don’t need any special skills. They're available at most banks and brokerage firms. You don't have to worry about penalties or fees when withdrawing money.

There are also drawbacks. The volatility of gold has been a hallmark of its history. It's important to understand the reasons you're considering investing in gold. Are you looking for safety or growth? Is it for security or long-term planning? Only by knowing the answer, you will be able to make an informed choice.

If you are planning to keep your Gold IRA indefinitely you will want to purchase more than one ounce. One ounce won't be enough to meet all your needs. You could need several ounces depending on what you plan to do with your gold.

If you're planning to sell off your gold, you don't necessarily need a large amount. Even one ounce is enough. These funds won't allow you to purchase anything else.

Is gold a good investment IRA?

Any person looking to save money is well-served by gold. It's also a great way to diversify your portfolio. But there is more to gold than meets the eye.

It has been used throughout the history of currency and remains a popular payment method. It is often called “the most ancient currency in the universe.”

Gold is not created by governments, but it is extracted from the earth. That makes it very valuable because it's rare and hard to create.

The supply-demand relationship determines the gold price. The economy that is strong tends to be more affluent, which means there are less gold miners. This results in gold prices rising.

On the flip side, when the economy slows down, people hoard cash instead of spending it. This causes more gold to be produced, which lowers 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.

Additionally, you'll earn interest on your investments which will help you grow your wealth. You won't lose your money if gold prices drop.

Do you need to open a Precious Metal IRA

Before opening an IRA, it is important to understand that precious metals aren't covered by insurance. There is no way to recover money that you have invested in precious metals. This includes any loss of investments from theft, fire, flood or other circumstances.

This type of loss can be avoided by investing in physical silver and gold coins. These items have been around thousands of years and are irreplaceable. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.

Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.

If you decide to open an account, remember that you won't see any returns until after you retire. Remember the future.

Who owns the gold in a Gold IRA?

An individual who has gold is considered to be a “form of money” by the IRS and subject to taxation.

To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.

Gold can be used to protect against inflation and price volatility. However, it is not a good idea to own gold if you don't intend to use it.

If you plan to eventually sell the gold, you'll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.

You should consult a financial planner or accountant to see what options are available to you.


  • 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. (
  • Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (
  • If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (
  • You can only purchase gold bars at least 99.5% purity. (

External Links

How To

Guidelines for Gold Roth IRA

Starting early is the best way to save for retirement. Start saving as soon as possible, usually at age 50. You can continue to save throughout your career. It is essential to save enough money each year in order to maintain a steady growth rate.

You may also wish to take advantage of tax-free investments such as a SIMPLE IRA, SEP IRA, and traditional 401(k). These savings vehicles allow you the freedom to contribute without having to pay tax on your earnings until they are withdrawn. These savings vehicles can be a great option for individuals who don't qualify for employer matching funds.

It is important to save consistently over time. If you don't contribute the maximum amount, you will miss any tax benefits.

By: Jamie Redman
Title: Bitcoin, Ethereum Technical Analysis: Market Holds Its Breath for Fed’s Upcoming Policy Decision
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Published Date: Wed, 01 Nov 2023 12:00:26 +0000

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