I don't know why most people enjoy the heavy rise of bitcoin while it is only good for long term holders. How long do they want to hold? Forever? They have to sell at some point and exit the market. For day traders like me, expensive bitcoin is not attractive at all because it not only reduces my profit, it also increases my stress.
I have to buy at $40.000 and sell at $40.200 to gain daily profit (This is an example). This is much less profitable than when I used to buy at $8000 and sell at $8200 the same day. Apart from this, whenever I buy at $40.000, I am worried about a big crash right around the corner because the prices are too high now.
How do you cope with this situation as a day trader? Do you dare to buy $40K bitcoin for short term trading?
As a day trader, you should be aware to already to this kind of happenings and if you think trading bitcoin will give you more stress then you can use other currency if you like as bitcoin is not that profitable if you have no big capitals for day trading.
And if you are worried about the crashes then you should set your stop loss, meaning you should be ready in every move that you are going to make in order to lessen your stress like for example. Base on your statement, buy at $40k and sell at $40.2k while in other hand you should set your stop loss to $39.8k then reset again your day trade.