Bitcoin, Ethereum Technical Analysis: Navigating Choppy Price Action


Bitcoin (BTC) experienced a decline of 3.3% on Friday, November 3, 2023, with its price dropping to $34,195. The trading volume for the last 24 hours stood at $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 in the upper half of its recent price range. The ten-day simple moving average (SMA) of $34,494 serves as near-term resistance, while the longer-term 50-day and 100-day SMAs of $29,072 and $28,261 indicate ongoing positive momentum.

However, the RSI's decline towards a bearish divergence and the absence of any forthcoming spot bitcoin exchange-traded fund (ETF) announcements suggest a potential downward price correction. In such a scenario, the $33,000 and $32,500 levels are likely to act as critical support thresholds.


Ethereum (ETH) witnessed a 2.8% decrease, reaching $1,785 during the past 24 hours. The trading volume for ether amounted to $13.19 billion. The RSI reading of 61.4 implies that ethereum still has room to rise before overbought conditions emerge.

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

Ethereum has seen a significant increase in exchange inflows, reaching a five-month high with nearly 130,000 ether deposited into exchanges. Over the past two weeks, it has risen by more than 10%, and over the past month, by over 8%. On Friday, ether recorded a 24-hour trade volume of $13.19 billion.

Today's Bitcoin and Ethereum Market Verdict

Overall, the oscillators indicate that both leading cryptocurrencies are still supported, but a near-term pullback seems likely due to the proximity to overbought levels on the Stochastic. The moving averages confirm that the established uptrends remain intact, with any dips presenting 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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What are your thoughts on bitcoin's and ethereum's price action on Friday? Share your opinions and insights in the comments section below.

Frequently Asked Questions

Can I keep physical gold in an IRA?

Gold is money and not just paper currency. It's an asset that people have used for thousands of years as a store of value, a way to keep wealth safe from inflation and economic uncertainty. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.

Many Americans today prefer to invest in precious metals, such as silver and gold, over stocks and bonds. It's not guaranteed that you'll make any money investing gold, but there are several reasons it might be worthwhile to add gold to retirement funds.

One reason is that gold historically performs better than other assets during financial panics. Gold prices rose nearly 100 percent between August 2011 and early 2013, while the S&P 500 fell 21 percent over the same period. Gold was one of the few assets that performed better than stocks during turbulent market conditions.

The best thing about gold investing is the fact that there's virtually no counterparty risk. You still have your shares even if your stock portfolio falls. You can still own your gold even if the company where you invested fails to pay its debt.

Gold provides liquidity. This means that, unlike most other investments, you can sell your gold anytime without worrying about finding another buyer. The liquidity of gold makes it a good investment. This allows you take advantage of the short-term fluctuations that occur in the gold markets.

Is buying gold a good option for retirement planning?

Although it may not look appealing at first, buying gold for investment is worth considering when you consider the global average gold consumption per year.

Physical bullion bar is the best way to invest in precious metals. However, there are many other ways to invest in gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.

If you don’t need a safe place for your wealth, then buying shares of mining companies or companies that extract it might be a better alternative. If you need cash flow to finance your investment, then gold stocks could be a good option.

You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs can include stocks of precious metals refiners and gold miners.

How is gold taxed by Roth IRA?

Investment accounts are subject to tax based only on their current value and not the amount you originally paid. If you invest $1,000 in mutual funds or stocks and then later sell them, all gains are subjected to taxes.

The money can be withdrawn tax-free if it's deposited in a traditional IRA (or 401(k)). Only earnings from capital gains and dividends are subject to tax. These taxes do not apply to investments that have been held for more than one year.

The rules governing these accounts vary by state. Maryland's rules require that withdrawals be taken within 60 days after you turn 59 1/2. You can delay until April 1st in Massachusetts. New York has a maximum age limit of 70 1/2. To avoid penalty fees, it is important to plan and take distributions in time to pay all your retirement savings.


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

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Gold IRAs: A Growing Trend

Investors are increasingly turning to gold IRAs as a way to diversify and protect their portfolios from inflation.

Owners of the gold IRA can use it to invest in physical bars and bullion gold. This IRA can be used to grow your wealth tax-free and is an alternative option to stocks and bonds.

Investors can have confidence in their investments and avoid market volatility with a gold IRA. They can also use the gold IRA as a protection against potential problems like inflation.

Physical gold is also a great investment option, as it has unique properties like durability, portability, divisibility, and portability.

The gold IRA also offers many other benefits, such as the ability to quickly transfer the ownership of the gold to heirs, and the fact the IRS doesn't consider gold a currency.

This means that investors who are looking for financial safety and security are becoming more interested in the gold IRA.

By: Jamie Redman
Title: Bitcoin, Ethereum Technical Analysis: Navigating Choppy Price Action
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Published Date: Fri, 03 Nov 2023 13:15:48 +0000

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