Last Thursday, Bitcoin fell 6.12%, again tied to the S&P500. Against the backdrop of the coronavirus epidemic, the demand for protective assets, including the dollar and the yen, has grown. Mass protests in the United States led to an increase in the number of cases, to which the head of the Ministry of Finance declared the impossibility of a secondary closure of the US economy, since it could not stand it anymore.
Amid news from China on Monday, the stock market dipped, a re-flash of COVID-19 at the local wholesale market in southern Beijing drew other currencies.
The direction of the Asian session was not supported by the States, at the same time, the SP won back the loss of -3% and went into plus. Bitcoin also went up, and now it is trading at around 9400. The higher the close of the daily candle (long-legged dodge or pinbar), the higher the likelihood of further recovery. Thus, the resistance is held at the level of $10,000, the "Triangle" model is formed on the daily chart of the asset.
The basic assumptions remain the same - a breakdown to the level of $6320. An additional signal in favor of this option will be a rebound from a downtrend on the RSI indicator. If the price consolidates below the level of $8555, this will be a confirmation of the scenario where the support level breaks through. In the opposite case, Bitcoin will increase to $11,900 if the upper boundary of the "Triangle" model is broken.
On the four-hour chart, there is a decrease in quotations within the descending channel, a test of the upper limit at $9750 and a drop to $8875 is possible, which will open the way to the level of $7995. A signal in favor of falling will be a rebound on the RSI indicator from the resistance line.
In the event of a breakdown of the level of $10 045, we should expect the cancellation of the negative scenario and overcoming the upper boundary of the downward channel, as well as the continued growth of Bitcoin to the level of $10 565.