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 trade you already knew that kind of risk. I'm not a day trader and I don't even trade regularly but I enjoy watching successful traders with high risk tolerance.
Sure someone has dared buying Btc at $40,000 because it even reached $42,000 at some point (If I'm not mistaken).
Isn't it day trading is more profitable lately? Because there were huge price swings like $1,000 to $3,000+ Btc gain or loss in just an hour or two.
The only thing that's scary about day trading during the price is high, is when Btc suddenly crash and didn't bounce back.