Price Action
After a brief recovery above $290, the price sank to a low of $281 on Bitfinex. Trading for the rest of day was range bound between $281 and $285. Expect an attempt to test $280. If it holds the bull market will live on, otherwise watch out below.
Trade Idea
XBUU15 prices have proven to be quite sticky. After the price fall, the difference between XBUU15 and spot has widened to $20. Consider selling XBUU15 and buying spot as an arbitrage trade.
In the News
China can’t get enough Bitcoins (Bloomberg View)