Bitcoin is still trading higher, setting higher lows – but not higher highs. It’s always topping out around 12,000 dollars, and we’ve seen that before: In early 2019 when Bitcoin just couldn’t make it above 4,000 dollars. But once that resistance was broken, Bitcoin embarked on a journey to 14,000 dollars.

Now this sounds like a great opportunity for a momentum long order above resistance – if it wasn’t for the possibility of fakeouts, which are the reason why the long entry must be chosen very carefully. Setting the entry higher reduces the possibility of getting stuck in a bad position, but it also means that the SL must be set higher too.

However, there’s still a CME gap at 9,600 dollars. Filling that gap is still entirely possible, especially if Bitcoin dumps out of its uptrend, but I personally think that the market is more bullish than bearish at the moment.