I count only one type of volatility which is price inaccuracy and leads to both up and down, sometimes at the same time.
If you need a hedge you're going to have to use cash or precious metals (gold, silver or platinum)...
I don't think bitcoin yet has a reputation not to crash bad...
Even gold can sell off, maybe to the degree it will half. The reason is gold is cash and similarly, BTC will used as cash and sent for a sell when people need it which in economic pullback is often possible.