Bitcoin has had a significant of upward momentum recently but we see the current resistance level at $12277 as crucial for the cryptocurrency to return to year to date highs just below $14000. Therefore we remain long in particular with the ongoing trade war and would want the market to consolidate at this level and not drop below $11000. There are views that the devaluation of the Yuan has led to flows out of this currency and into Bitcoin as China has it is believed started to soften it's hardline stance to cryptocurrencies in recent times.