When it’s hard to be bullish, don’t fight the market
Bitcoin is in a bad spot these days. But the beauty of crypto is, you can bet in two directions. You can bet BTC going up; when times aren’t good, you can bet on the asset’s selloff too.
Let me tell you a secret. Shorting Bitcoin often feels more satisfying than going long. This is because when Bitcoin dumps, it usually happens quickly and without waiting a long time, you’ll be in huge profit. Especially these days, the market is very sensitive to any sign of weakness. When a big initial selloff happens, it can quickly turn into a cascade because people are full of fear.
This is the opposite of longs. When the price pumps, it happens more gradually and with a lot of pullbacks here and there due to traders hesitating. Longing is a much slower affair because the market will always try to shake you out of your position with so many retests and fake dumps. (This is why longing can really test traders’ patience.)
Shorting Bitcoin is different than going long, though. It requires a different strategy. And these are some secrets I’ve learned.
The ideal entry is the local top.
My favorite one is when Bitcoin tried to break a certain level but failed.
