BTC in an expanding channel

BTC prices have been moving in an expanding channel.

I enter a Long here with target around $32400 and stoploss at $29000, hence R:R=3:1. This is a very short-term and a risky trade.

Otherwise, my mid-term view does not change: BTC is possible in an distribution (see link below).

Understanding Broadening Formations
Broadening formations occur when a market is experiencing heightened disagreement among investors over the appropriate price of a security over a short period of time. Buyers become increasingly willing to buy at higher prices, while sellers find ever more motivation to take profits. This creates a series of higher interim peaks in price and lower interim lows. When connecting these highs and lows, the trend lines form a widening pattern that looks like a megaphone or reverse symmetrical triangle.

The price may reflect the random disagreement between investors, or it may reflect a more fundamental factor. For example, many countries experience broadening formations due to heightened political risk ahead of an upcoming election. Different polling results or candidate policies may cause a market to become very bullish at some points and very bearish at other points. Broadening formations may also occur during earnings season when companies may report differing quarterly financial results that can cause bouts of optimism or pessimism.

Source: www.investopedia.com...adeningformation.asp

Zlecenie zamknięto ręcznie:

Trade is closed at entry.
BTC didn't show any positive sign for an strong bounce. It's waiting for FED's news next week.
I'll consider this set up again after FED's news.