I made a mistake shorting BTC at 17k

0 Answer

OgNasty

It could still go lower if you could stay solvent long enough. It seems like you’re viewing things in too short of a period. Bitcoin is down more than 2/3s since the all time high. That’s not when you want to short. The best bears are the ones shorting as we come off all time highs. The risk reward points to you wanting to be long here. When people are screaming Lambo and you hear stories of peopling making millions in a day, that’s when you want to start going short.

ChiBitCTy

It's not obvious that we won't fall below $18,000 again. We could very easily do so, and in fact I think it is more likely than not that we will fall below $18,000 within the next couple weeks. I simply don't see any indicator that bitcoin will shoot much up further than where it's at right now.In regards to selling, just buy back in a do some dollar cost averaging. This way you can give yourself a chance to buy lower if it goes back down, which it more than likely will in my opinion.

suzanne5223

Although you make the mistake of selling your whole holding at the lowest price, it's too early to say the market won't go back to or below the $18K price because the last 2 months of the year are always bearish and the bottom price is usually achieved during this month or the first month of the new year.The current trend you see which you consider to be the market pump crazy is just a slight pump to compliment the market.

Fivestar4everMVP

Sorry about your wrong decision bud, this is not something new, alot of us here has made similar mistakes and alot are still going to make same mistakes as long as the market continues to exist and bitcoin continues to remain volatile with its price.This is why I always advice some of my friends, when buying bitcoin with a long term mindset, it makes no sense being concerned about the current price, looking at the current price will only lead to mistakes like this of the op.I hope no body makes similar mistake (which I believe alot are still gonna make by the way) and I also hope that when we make such mistake, I gather the balls to buy back at a higher price instead of totally losing out on a pump.

_BlackStar

Who's going to guarantee the price won't go back to $18K or lower? Even if today bitcoin has traded near $20K, then I think its price will always probably drop lower.You sell because you are afraid the price will drop lower, that's natural but you don't have to regret it if you never lose from it. You're just unlucky to get more profit because the price has increased, but that's how it is. A person may regret many things in life especially about his past, but rest assured that you don't have to get too caught up in it and start buying it back and take advantage of the volatility of the market to make a profit.

Anonylz

It will be the perfect case of buying high sell low Now you understand why some people prefer to hold than be in the same situation as you right now. It is not easy to correctly tell what the market will do in the next hours or days.I think your only option now is to wait it out, hopefully, it will come down below your selling price.

taufik123

Sell your BTC for $18,000, are you not wrong to sell it? Why don't you wait for BTC to rise again? even in a bear market like today, BTC is still stable in the $19,000 price area. You make decisions too hastily without thinking about the long term. and what's worse, you are short at the price of $17k which is the strongest support that still can't be broken.It seems you need a little rest and self-control which should be better.

LittleBitFunny

We're still in the bear season, bitcoin hasn't pumped like crazy yet. Yes, you made the mistake of selling your bitcoins at that price, nobody is without some mistakes as long as you realize your mistakes and don't give up. Currently, bitcoin is still under $ 20k, in my opinion the price is still very low if you buy and hold for a long time, your chances of correcting your mistakes are still there. Start over now, its never too late with bitcoin, if you don't buy now you will regret more later when you see bitcoin hit $100k.

Solosanz

That's why I never recommend anyone to do leverage trading because the chance you will loss your money is really high and it's not good for newbie. Spot trading and using stop loss is enough if you're doing trading, but for people who doesn't care with trading can do investing. Personally I'm prefer to invest rather than trading since candlestick, signal, market movement etc is doesn't give you 100% guarantee.

cryptosize

Short/long/leverage is gambling against financial sharks/whales.Stick to hodl next time.

CryptoYar

There is some confusion about what you actually did, according to the title you shorted the bitcoin at $17k, however, in the post you state you sold it at $18k.It would not be a good idea to short bitcoin at such a level when bitcoin has fallen so much. Of course, you can scalp but there must be a supply zone where you are trying to short. However, you did completely opposed short-ed from a demand zone ($17600)

tjtonmoy

You can always DCA (dollar cost average) to recover your assets. Never think that you are going to stay on the same position. you can always examine and analyze the market to average out your cost to recover your lost funds. If you are lacking the confidence to do it yourself, I suggest you to use KuCoin DCA bot. It is automated so you can relax. But always do your own research. and if you want to go for the long-term holdings then i think you can still buy now and wait for the price to pump again.

Mauser

I don't understand, did you actually short bitcoins or did you only sell all your coins? If you bought your coins in 2020 and sold them now you should have at least made a profit and have 0 exposure now. That's alright you are not losing any money when bitcoin rises again, but you are also not making any profit. In case you actually are short and have a negative exposure to bitcoins, I would recommend you cover your position immediately. It's not really realistic for bitcoins to fall in price. Your potential upside is very limited whereas your downsize is huge. I wouldn't take that risk. You sold almost at the 52 week low, which is never a good idea. Hope you learned from your mistake and will not repeat it. Good luck for your next trade.

Lucius

The OP did not write how much BTC he sold (which is not too important), but at first it seemed to me that it was a larger amount - because even if it was 1 BTC, the difference between $18k and the current price is only slightly more than $1000 - which in some smaller amounts is not a loss worth mentioning.We are not smarter, we just look at some other graphs that show the real situation. I don't know about the price, but if you were wrong once, it is possible that you will be wrong again. In a bear market, there is always a higher probability of a new crash than a mini pump.

Inwestour

Well, this should be a lesson for you, because it has been discussed here more than once that selling bitcoin in order to increase the number of coins is a bad strategy. You can sell in the event that either you have reached the price that you planned, or you want to sell some part of your investment in order to buy something, as a reward for yourself. The speculative sale of bitcoin is already trading, and in this case, the risks of losing your coins will increase significantly. There is still a chance that the price will drop lower, but this is already a lottery, no one knows whether this will happen or not.

AbuBhakar

I don’t see pump like crazy like what you are describing besides a sideways price ranging from 20K to 18K since the trend is still downward. Maybe its just you that feel this way because you short the known bottom during the volatile market of crypto. It's still too early to call for a bottom while there is still no volume happening on crypto towards bull run. You definitely commit a mistake by shorting lows but that doesn't mean that price will never visit in there since the price need a double bottom or multiple bottom before it go for a reversal.

BlackHatCoiner

If you don't want to look on this thread a few years later, and laugh for considering $20k expensive, I recommend you buy back. Selling bitcoin at $17k with $20k as current market value doesn't seem a "huge mistake". However, if the price doubles, triples etc., you're about to regret it.Also, rainbows make sense until they're broken, same as with S2F.

FatFork

Hmm, I tend to agree with what virasog and others said. Not selling during the bull run and all the hype around bitcoin in 2021, but selling all of it during the bear market? That's indeed pretty absurd. Especially considering your obvious weakness on the technicals. I'd like to hear your reasoning on why you thought this was a good idea. Did you have any particular goal in mind when making this decision? Did you want to buy it back at a lower price or what?Oh well, each to his own, I guess. Personally, I've never had much patience, so I made a few buys/sells here and there during this period (and lost a bit as well). But I'm sure you're aware, bitcoin is a very volatile asset. You can't just buy it and expect to see a constant upward trend in price. If you're not willing to take risks, I suggest staying away from bitcoin. But remember, there is no free lunch in this world. You can't have security and high returns on your investments at the same time.

KaliLinux

Sorry to hear this but from what you said, you have been hodling your BTC since 2020 so you definitely would be in some profit even as you have sold which was obviously a mistake because if you look at all relevant Bitcoin price chart, the market is basically around the bottom which would have suggested continuing to hodl, but we all make mistakes and since we can establish that, it will be good to buy back cos even IF the market might go down, it might not really be that much againAnd I agree, we can clearly see what @NotATether is talking about there, and even though the market could go below, I still think we are around the bottom.

Jason Brendon

Pumping like crazy? I don't see the "crazy" part yet. But remember, shorting BTC is hurting. So you fucking should buy more.

virasog

Isn't strange that you are holding bitcoin since 2020. This means you did not sell anything in the 2021 bull run. Bitcoin was at 60,000$ , 50,000$ and even at 30,000$ you still not sold. I wonder why u become so panic at 18'000$ and sold everything?Didn't you have believed the bitcoin will again go to all time high in its next bull run. You have held bitcoin for 2 years, you could have held them for another two years.

glendall

Prediction errors are bound to happen to everyone.never regret the past, let's go in a better direction and there is still a chance to buy in the 18-19K area and save it well until they fly to the moon

Aanuoluwatofunmi

The mistakes we made often is the we so much believe in those market indications which don't really work most times as predicted, but if you had known this to realize that we are already on the dip season for bitcoin price and what should have been waited on is for the next bull moves, things couldn't work the way they were had it been the predictions has always been accurate, no one could have made losses, know that bitcoin price is base on your personal speculative discoveries since you're investing with your own money.

NeuroticFish

We cannot tell yet if the bottom was touched, however, I also agree that betting on 17k was pretty much foolish (under 20k there seem to be much better chances upwards than downwards).Yep, best would be to buy back, and although "market pumping like crazy" is not actually correct, not for Bitcoin, I feel like the opportunity window (for buying back cheap) may get very small.However, please do your own thinking and do with your money as decide, not by what I'm writing. I may be right, but I also may be wrong.

Charles-Tim

Do it believe in those things you are reading from the news, they are only short term in outcome. Do not compare bitcoin with stock if you are not a day trader. We do not know yet, but best to go for long not short, or just buy and hold. Even $18000 has been a very strong support. Let us see what would happen before the end of this year, but very possible bull market will begin by next year or some days or weeks before. Not an advice but a guess.Profit is more guaranteed if you hold, instead of creating a short position.

Rikafip

This doesn't make much sense to me, not to buy again if you are so sure that we won't go back to 18k. But I guess you haven't since you are not buying. :p Last time I made similar mistake was back in mid 2019 when I tried to be smart and "sell high buy low" and in the end I ended up doing the opposite thing, which made me realize that trading is not for me and I guess its not for you either so better stick to hodl if you don't have the stomach for it.Having said that, I do think that there is a solid chance we go back to 18k, and below. Hah, many said that for 19k as well. And I don't think that those who think that there is a chance for bitcoin going below 18k automatically think its going to zero.

NotATether

I suggest you buy back your BTC now before prices shoot back up, because the logarithmic rainbow charts are already putting this current price in "Basically a fire sale", even almost breaking below that color line - meaning we will never see $17K again (sorry Bitcoin to zero doomers).

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