How to Increase your Bitcoin Holdings in a Bear Market — Part I

Back at home, the Weak-hands buster strategy is carefully ticking — one by one — the conditions we set to define the situation in which we wish to sell
bitcoin. We bet that — given such a situation — chances are the market is turning south.
I’m still kicking my own ass for not trading actively during last year’s bear market. I held the bag throughout the nightmarish crypto-winter instead.
I used to be a hardcore hodler; a fanatic that would put most of his cash in bitcoin “knowing” that bitcoin would rule the world sooner or later.
I still am a bit of a fanatic, to be honest, but now I know better. Had I been smarter back then, I would probably have ended 2018 with 549% more bitcoin — or at least Weak-hands buster would have, according to backtests.
Fast-forward to September 24th, 5 PM UTC. Bitcoin is trading at $9,500 while Coindesk’s Omkar Godbole explains that the “recent low-volatility price squeeze has ended with a downside break” of the Bollinger Bands.
We get a message in our Telegram group from the pro-trader in the team — our trading mentor — who’d been out in the mountains for a few days, asking if we were getting a signal to sell bitcoin.
I explain we sold on September 6th, at $10,371 and that we are still in the trade. He seems surprised we got a signal so early. We spend a few minutes discussing the details of our take position event and eventually move on with a pat on the back for the good trade in development.
An hour later, the red candle dropped to the floor below $8,000, costing bitcoin a few billion in market cap in what was the hardest hourly fall of 2019.
Seeing bitcoin plummet used to be a crushing experience… like watching your kid fall off her bike from the distance. You know she will hurt and you’d give anything to save her the trauma, but can do nothing about it as you watch her free-fall, in slow motion. An acrid mix of desperation and impotence flushes your mouth with a sour taste before she connects with the hard surface. Then, it’s all pain.
