Check out the graph below. It tells me two things: 1) long term  the 30 day RSI suggests that Bitcoin (and its proxy BITO) will move higher. It was still sloped upwards at the time of the ETF's peak. It has bullish convergence. This tells me that most likely the correction will not extend fully down in 3 waves to a low of $15.40. (This is the orange-colored arc.) However it is quite likely to its major support level at $18.17. It's difficult to know how long that will take. I suspect it may take us into mid-August before occurring, but it could also be faster.

This is a purely technical take. On fundamentals, I would argue that Bitcoin needs to move up a lot higher. But the technicals just tell me that a further correction down off the highs is first needed. 

I've put together an option trade that reflects this conviction. For every $105  you put at risk, you can earn between $600 and $1200 over the next 3 weeks. That's a risk reward of between 1 to 4 and 1 to 10  What's not to like?

If you want to know how we do it, .  Guidance will cost you $25 .We believe we have about a 60 percent chance of being right. If you lose - and there's about a 50/50 chance you will, you'll have lost the $105. Before subscribing, make sure you have an options trading account or are prepared to open one.  Contact us for help on that.