Price Action
The price hovered around $235 for the majority of the trading day. Traders are waiting on the side lines until either $230 or $240 is retested. Although the overall trend is bearish, a rally to $240-$250 cannot be ruled out. Given the rapid decline from $300 to $216, there is room for a sustained dead cat bounce before $200 is retested.
Trade Idea
If you have some bullish bones left in you, accumulate a long position in XBUK15 positioning for a breakout above $240.
In the News
Margin Call: How It Works (BitMEX Blog)
MIT to Take Over Funding of Three Bitcoin Core Developers (CoinTelegraph)
Brock Pierce Elected Bitcoin Foundation Board Chairman (CoinDesk)