On our last analysis on the 31.07 we indicated that we were long Bitcoin and were looking for the $10,000 psychological level to be broken despite increasing regulatory pressure on cryptocurrency and the recent drop from nearly $14000. Bitcoin has effectively risen through $10,000 as it aims for the $12,274 Fibonacci level. This is predominantly due we believe to the US China trade war escalation and the subsequent sharp drop in equity markets as cryptocurrencies in particular Bitcoin are seen as a safe haven these days. We will therefore hold our long position and aim for the next Fibonacci level at $12274.