Trade Bitcoin Bounce with BITO - Lower Risk, Cheaper Options

On my BTCUSD weekly chart I had a support line drawn at 32,000, though there are wicks down to ~29,700. Shown here on 30min chart, price just crashed down to 31,000 and made a long hammer candle. Keep an eye on BITO, as RSI is under 15 and with price far from 20sma there should be a tradeable bounce soon. There may be a broad rally this week, crypto included, and if so then BITO calls (under 50cents, under $1.00) have a very nice reward/risk on a short term trade.

Comment:

After the 30min hammer candle BTC moved lower but also created bullish RSI divergence. 10yr yield has moved lower and I still expect buyers to enter here.

Trade active:

I bought a few weekly 21strike calls for $0.36 per contract. No stop, as even a full loss is nominally very small.

Trade closed manually:

Closed the weekly calls for 15cents. Bought next week calls for a quick swing trade.