Wait for a better price then long
Updated
Long BTC if it's inside the green circle.
If it falls below the orange line keep an eye on shorter timeframe to see if it is a real breakout.
If it is; Personally I'd hedge with futures, you can sell deep in the money covered calls if you know what you're doing.
If it breaks above the upper green line get ready to short on weakness or buy puts (not naked, though).
Finally: avoid trading in the middle of the channel. Be patient. You can place your orders and walk away.
If it falls below the orange line keep an eye on shorter timeframe to see if it is a real breakout.
If it is; Personally I'd hedge with futures, you can sell deep in the money covered calls if you know what you're doing.
If it breaks above the upper green line get ready to short on weakness or buy puts (not naked, though).
Finally: avoid trading in the middle of the channel. Be patient. You can place your orders and walk away.
Note
We're approaching the bottom of the channel. I'd consider buying today. Here is the plan:
Entry: $18420
Stop Loss: $17800
Target: $20420
Size: 0.0015 ($27.63)
Maximum paper loss: (0 maker fees) ($0.93)
Maximum paper profit: $3
Minimum paper profit: (Stop Loss at $18800 once target reached) $0.57 - taker fees (0.075% * $28.2 = $0.02115) = $0.54885
Trade closed: target reached
Closed at $29'170Effective entry: $17'765
Size: 0.002 ($35.53 at entry)
Realized PnL: 0.002*(29170-17765) = $22.81
Commission: 0.075%*(0.002*29170) = $0.04
Net profit: $22.77 (~64%)
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