👀 All Eyes on THIS Bitcoin Chart

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What’s on the Menu 🍴

Was last week the calm before the storm?

With lower volatility and consolidating prices, we think this week could have some fireworks!

Here’s what we’ve got on the menu:

• What To Watch This Week 👀

• All Eyes on this Bitcoin Chart 👀

• Don’t Let the IRS Inherit Your Wealth 🚫

Today’s newsletter is a 5 minute read.

What To Watch This Week 👀

Last week started with a huge drop in risk assets and a spike up in volatility, but a strong rally throughout the week may have calmed investors nerves.

Semiconductors, software, and internet stocks caught a much needed bounce last week.

This week several pieces of economic data will be crucial to supporting the markets, including inflation and retail sales data in both the US and UK.

Here are the major macroeconomic releases this week:

• Australia consumer & business confidence (Mon)

• UK unemployment rate (Tues)

• US PPI inflation (Wed)

• US CPI inflation (Wed)

• UK inflation (Wed)

• China retail sales (Wed)

• US retail sales (Thurs)

• UK retail sales (Fri)

• US building permits (Fri)

• US consumer confidence (Fri)

We will also get earnings reports from several major retailers including Walmart, Home Depot, and Alibaba:

With 91% of the S&P 500 having reported Q2 earnings, annual earnings growth stands at +10.7%.

Despite that robust figure, investors remain concerned about a slowdown, with Q3 growth projected at just +5%.

Price action in economically sensitive small cap stocks will be a telling indicator of investor sentiment this month.

We’ll keep an eye there as well as on the following assets & sectors:

📈 Rising Recently:

• Crypto (BTC / ETH / SOL / WGMI)

• Semiconductors (SOXX)

• Internet & Software (IGV)

• Industrials (XLI)

• Energy (XLE / XOP)

• Large Banks & Financials (KBE)

📉 Falling Recently:

• Small Caps (IWM)

• Alternative Energy (TAN / PBW)

• Homebuilders (XHB)

• Metals & Mining (XME)

All Eyes on this Bitcoin Chart 👀

Bitcoin's latest chart is throwing down some major signals, and if you’re a chart watcher, it’s time to pay attention.

We've got a golden cross, a possible death cross, and a whole lot of market emotion all wrapped up in one chart.

Let's break down why everyone in the crypto world has their eyes glued to this one:

The Looming Death Cross

There’s a potential death cross forming between shorter-term moving averages.

The 50-day moving average is starting to flatten out, and if Bitcoin prices drop much further, it could drag the 50-day down through the 200-day from above, creating what’s known as a death cross—a bearish signal indicating that a downtrend could be on the horizon.

What’s the Market Saying?

Sentiment is all over the place right now.

Bitcoin’s current price action is stuck between these two key moving averages, bouncing like a pinball.

Bears are pointing to the recent rejection at $62,000 as a sign that we could see lower prices in the short term.

Bulls, however, are holding onto the hope that the key $60k multi-month support zone will push us back into bullish territory.

In short, this chart is a battleground between bulls and bears, and the next few days could be crucial.

Whether we see a continued uptrend or a deeper correction, the chart tells us one thing—Bitcoin is in for some serious action this week!

So, keep your eyes on this daily chart, because it’s likely to dictate the next major move in bitcoin and other crypto markets.

Don’t Let the IRS Inherit Your Wealth 🚫

Ah, the irony of life’s big finale: working hard your whole life, hustling to build that hefty nest egg, only for the taxman to swoop in later.

Estate taxes are the government’s final take on your hard-earned wealth.

Ironically, once you hit a certain level of wealth, you end up having to find ways to simply give it away to avoid estate taxes!

In 2024, the federal estate tax exemption is a whopping $13.61 million per individual, double that for a married couple. Sounds like a lot, right?

But here’s the rub – state taxes can still take a bite, even if you’re under the federal threshold. States like New York, Massachusetts, and Oregon aren’t messing around; they’ll tax estates as low as $1 million.

It’s good to know your state estate tax laws.

So what is someone to do who is building their riches up to exceed the estate tax exemption of 13 million bucks? Especially if tax laws change causing the exemption to be cut in half.

It’s a delicate balance – building the right amount of wealth for yourself (and a lifestyle that leads to your wealth lasting), while being able to make gifts you’d like to give without feeling “forced” to do it.

Here are a few tips to make sure your hard work benefits you, and those you care about, not just the tax collector:

1. Annual Gift Exclusion: Use the annual gift tax exclusion ($18,000 per person in 2024) to transfer wealth gradually, tax-free. It’s like giving your loved ones their inheritance a bit early, without the IRS taking a cut. Remember, this is per person, so if you have a spouse, you can gift up to $36,000 between two people. This adds up over time for lowering your estate.

2. Pay For Major Bills Directly: Another way to gift without eating into your exclusion, is by paying medical bills or education bills directly to the institutions.

1. Trusts: Consider setting up a trust that fits your needs. Trusts can help manage your assets, avoid probate, and potentially reduce estate taxes. There are various types, like revocable and irrevocable trusts, so consult a professional to see what’s best for your situation.

2. Charitable Giving: Philanthropy isn’t just for billionaires. By leaving a portion of your estate to charity, you can reduce the taxable portion of your estate, while also doing some good in the world.

3. Review Your Estate Plan Regularly: Tax laws change, and so should your estate plan. Make sure your estate planning strategies are up to date with the current laws and your personal situation.

4. Think About The Future: Maybe your wealth is not close to the estate tax exclusion of 13.61 million per person now… but, we have to remember our wealth will grow. If you think you could end up in a situation of exceeding this limit in the future (plans to sell a business?), you may need to start planning now. Especially if the exclusion is expected to be reduced.

At the end of the day, it’s about finding the right balance between enjoying your wealth now and making sure it’s passed on to those you care about when you’re gone.

After all, you didn’t work this hard just to let the taxman cash in, did you?

Food For Thought 🧠

"The intelligent investor is a realist
who sells to optimists and buys from pessimists.”
- Jason Zweig

DISCLAIMER: We are not investment advisors, and this content is for educational purposes only. We don’t offer financial, legal, or tax advice. Nothing we say is a recommendation to buy or sell any assets. Trading and investing are extremely risky, so please be careful and do your own research.