Who sold at the bottom?
EDIT: btw, I have a 0.2 BTC open short in my books but just in DEMO account. waiting for d_eddie to get the sign if I can close it.

Heya brother-in-corn, this responsibility weighs upon my shoulders like a couple lambos! Close it as soon as it goes green. It's a short after all, better never let them go too far... or open a hedging long just in case

it's hedged already with a long. the long is 260.2 points in green and the short is 488.7 points in red. I've borrowed the casino chips from my grandma and have to pay her back after Christmas. what should I do Buddy?

If you don't like the idea of having to cut up your grandma and chuck her somewhere after the deed is done, you could try different approaches that only involve trading.
We need more info: the relative size of the 2 sides is the most important. Entry points not that much (their effects near/far from entry also depend on the detailed structure of the relevant derivative(s)).
If they were open at the same time, it would mean the short is ~1.9 times as large as the long. So each step up pays you 1 and costs you 1.9. A simple chicken-out strategy is: try to make the positions equal as much as you can, exploiting any "discount" (that is, dips if it's the short you're trying to reduce). Once they're equal, you are more or less insensitive to price variation because, as many have pointed out, it's equivalent to being flat (IF after that point, you close them together!). When you're there, you can assess your realized P&L and either close the game (no-brainer if you're green overall) or keep it going.
This is what I'd do, at least - but most importantly, I would try not to find myself with the short larger than the long in an uptrend! That's what planning ahead is about.