It's not all bad
It's no secret that it sucks when the price goes down. The value of all our hard-earning bitcoin suddenly deflates and soon we're down to two-thirds of what we could have had a few days ago. Even though we never technically cashed out, it feels like we've lost tons of money.
In other words, dumps suck.
Bitcoin is down, all the alts are down, and fiat becomes king. Alot of my own investments are down and it's giving me the shits (Steem is holding though, like a true champion, as is SBD).
Shorters come out to shine
Going short is definitely more difficult than going long. Going long is easy. You buy early or buy the dip and watch your money grow. Longing is buying low and selling high, and shorting is selling high and buying low. It sounds the same, and for the most part it is, but your intentions are a little different.
When going long, you want to be building value i.e. dollars, and when going short you want to be building quantity.
Shorting is a bit of an acquired skill, and it's not something I'm particularly good at yet. I've missed all of the prime opportunities to short in the latest correction, but it's never too late to start doing it, especially if you're concerned that we may be entering a full bear trend.
In shorting, you want to sell the highs and buy back in low. You need to be disciplined with your trading, particularly your exit points, because you want to sell higher than what you bought, and in a downtrend, this effectively means only buying when the price is about to rally a little and sell when it's up. Ensure you set your stoplosses up if it keeps going down and determine those support points that will mean further drops. It's all about steeling your resolve and not being afraid to lose a little to save alot.
Downtrends aren't all bad! There's money to be made no matter which direction crypto is going!