Two possible approaches to trade the pull back:
- Consider selling the Coin on a retest of 300 around the .5 fib (above the .618 fib) or
- consider selling on a break of the green into the sub 289 region
for a first target of 269 - 272 (1.27 fib extension) and a second target of 257 - 260 (1.618 fib extension).
As far as stop loss levels are concerned, I am always very careful when it comes to Bitcoin . Due to market illiquidity some violent spikes do occur occasionally that can easily take you out of an otherwise profitable trade.
If you manage to get in at around 300 (or slightly below) I would consider a SL at around 306 - 308 to be relatively safe. This still gives you a decent RR ratio of 3 to 4, depending on your target.
If you get in at the breakout, a SL slightly above 295 should be more or less safe. In this case I would definitively aim for the second target though, as the RR ratio (1.6 - 2) for the first target does not justify the trade imho.
Personally, I opened short after the breakout, closed half of it near the spike down to the 1.27 fib, and set the SL to break-even for the other half. Now I am just waiting patiently for either my targets to be hit or the remainder of my position to be closed at (or near) BE.