Bitcoin is stubbornly holding the 19,700 level, which roughly translates to the 12 level on BITO. The lack of a decisive break under 12 is hurting the short-term Sep16 options, and with time running low and the ETF beginning to consolidate, we need to manage the position. The plan here will be to close the current strangle (Sep16 $15 - $18 call spread, Sep16 $12 - $10 put spread) and roll down to an Oct21 $12 - $9 put spread. The new bearish position will use a ~30% net debit loss as a stop or will use a bounce above 12.60 as a technical stop.