I would advise to open account on https://icbit.se
They operate derivatives market in bitcoins

Good hedge would be to sell future contract(s). It will lock you rate of exchange in some point in time in the future for agreed Notional amount of BTC.
In the case bitcoin crashes you will be able to sell it at current market price.
In the case bitcoin will go up, you will lose out the difference between current market price and future rice.