[Options Premium] Have We Seen the Bottom in Biotech?

Is that a dead cat bounce in the Biotech ETF $XBI that will quickly fade? Or is this week's hard pivot off the $80 level the new floor?

I don't know the definitive answer, but the bet I'm going to make is that $80 will hold at least for a few weeks. If it does and as long as $XBI doesn't overshoot on the upside from here, I think this ETF is offering us a great opportunity to sell some premium here.

So let's get into how I'd like to play it.