I am not ready to sell my bitcoin because I know its price will increase back, I do not mind if it will take time but I know it will increase back. But recently the price of bitcoin has been decreasing, before it was at a resistance of $60000 but now it is at a resistance of $55000. I am thinking bitcoin price may never increase for now back to above $60000. The support is strong at $50000 and bitcoin has not falled to the level at all but is this not the begining of the bearish market?
When the market is in a bearish phase as it is today, you can short sell to make a profit or to protect your asset from a weakening price. however, short selling in the futures market certainly carries a very high risk. So, technical analysis is needed and precise to project where the bitcoin price will move in the future.
It needs a deeper understanding with the current market,
if you will do some short trade make sure that you are willing to let go and risk your investment, some of those experienced traders are also working with different strategy, they are good in anticipating and use it as good advantage when dealing inside the exchange.
Adjusting if the market is not favoring your position is very important, having different system to continue working even the bearish condition still ongoing.
I think seeing the condition of the very deep decline in the price of bitcoin in the last month, bitcoin is indeed in a bearish phase. However, for now, no one knows when this bearish phase will end and Bitcoin will bounce back. Therefore, in the midst of the current market conditions that are experiencing price declines, it is better not to try trading or investing in the short term, we should not go against the currents in the current market. Wait until market conditions stabilize.