Bitcoin has reclaimed the closely-watched 30k level and BITO has bounced along with it, but neither are flying higher. The marginal bounce puts Bitcoin in a still-important spot, and it makes sense to stick with a bearish trade idea on BITO in the near term. The Jun17 $15 – $12 put spread is the last of several roll downs, and it is further out of the money and running low on time. The plan here will be to close the spread and roll out/up to a Jul15 $18 – $15 put spread. This will require adding more risk to the position, so we will use a tight stop at 21 moving forward (above the May gap).