$BTC Day 34 of being short.
I’ve ridden this position all the way from 82,000 to where we are now. As a bear, I can finally breathe a huge sigh of relief.
Honestly, shorting is a lot more painful than going long. In any given market move, prices spend 60% of the time moving sideways, 30% rising, and only 10% actually falling—and that 10% is fast and brutal, leaving no time to react. That’s why short sellers often have to build their positions bit by bit near relative highs, then grit their teeth and wait.
Back to the market. There’s a good chance we’ll reach around 81,950 today. That’s the central zone from mid-August to mid-September, and we’ll likely see a rebound once we get there. But as I said before, if the bulls were really strong, the move away from that zone wouldn’t offer a chance to pull back. So this rebound can basically be considered over. Next up: a bull market for bears.
As for altcoins, I’ll say it again: I don’t recommend shorting them. This is something I’ve repeatedly stressed to the guys in the group. Altcoins are far too volatile. Once market makers have built their positions, they can often wipe out a year’s worth of gains in just a week, then let prices drift down slowly. Jumping in to short them recklessly will most likely leave you battered and bruised.
I’ve ridden this position all the way from 82,000 to where we are now. As a bear, I can finally breathe a huge sigh of relief.
Honestly, shorting is a lot more painful than going long. In any given market move, prices spend 60% of the time moving sideways, 30% rising, and only 10% actually falling—and that 10% is fast and brutal, leaving no time to react. That’s why short sellers often have to build their positions bit by bit near relative highs, then grit their teeth and wait.
Back to the market. There’s a good chance we’ll reach around 81,950 today. That’s the central zone from mid-August to mid-September, and we’ll likely see a rebound once we get there. But as I said before, if the bulls were really strong, the move away from that zone wouldn’t offer a chance to pull back. So this rebound can basically be considered over. Next up: a bull market for bears.
As for altcoins, I’ll say it again: I don’t recommend shorting them. This is something I’ve repeatedly stressed to the guys in the group. Altcoins are far too volatile. Once market makers have built their positions, they can often wipe out a year’s worth of gains in just a week, then let prices drift down slowly. Jumping in to short them recklessly will most likely leave you battered and bruised.