BTC/USD PRICE ACTION
This weekend the US Banking crises has soured sentiment across the board. Investors are a safe haven buying spree pushing BTC/USD and Gold price up dramatically. US bonds are also well bid with the US 10 year yield down at 3.52%
$BTCUSD: Bitcoin to US Dollar has gained 9.27% so far today after gaining 7.53% yesterday. This morning BTC/USD price opened at $22180.75 put in a low at the $21897.79 and shot up to a high of $24520.51 where its trading now.
RSI is ticking at 61.02 with room before it become overbought at the 70. ADX is at 22.39 which is still a light trend. However, once the indicator registers today’s huge price run up, it should register up in the mid-20s which is a strong trend.
GOLD PRICE ACTION
$GOLD Continuous Contract (EOD) CME: Gold price has also exploded to the upside! The yellow metal has gained 1.785 today so far. It opened at $1835.10 this morning put in a low at the $1830.00 and shot up to a high at 1874.30 before settling at the 1867.20 where it is trading now.
RSI is at 54.55 with room to spare to the upside. Price has also pushed +Di above -di for the fist time since early February. ADX is trending lightly at 22.89.
BTC/USD Elliott Wave Update
BTC/USD ELLIOTT WAV UPDATE: Is now probable that Blue Intermediate Degree (B) completed at the $19549.09 March 9th low. This BvsA retracement reached just past the 50.0% Fibonacci mark. Bitcoin price in USD is now on its way to the $25250.00 February resistance. Although, if price is rejected at this level, then Intermediate Degree (B) could extend. Time consideration are warning that this could happen because the retracement down to the 50.0% did so before price reached the Fibonacci time zone. However, price consideration is what is most important; so there is a good change this is a C wave advance or even possible a 3rd!
