Biggest Crypto Mistake: Shorting Bitcoin
Biggest Crypto Mistake: Shorting Bitcoin
Sure, you might snag a few wins, but in the long run, you WILL get rekt.
Bitcoin is an unstoppable train. If you don’t believe in its power, don’t hop on.
But here’s the golden rule: Never bet against Bitcoin.
Bitcoin has been the most less volatile coin to trade and more predictable. I have been shorting it around $70000 to $71000 and I am making money from it.
But the disadvantage is that the profit is small. I use small amount and each $1000 bitcoin moves, I can only gain like $10. Which means I use the money that is 100 times lesser than bitcoin price.
There is more you need to learn about trading. Shorting can be more dangerous but there are times you should use it in overbought market and when the trend is bearish or when bitcoin is moving with certain price that you are certain about. Now bitcoin is moving within certain prices.