The prior price action was really torturous. After the bearish signals came out, the price kept moving sideways instead of breaking down. People holding positions are prone to anxiety, while those who didn’t get in keep thinking a pump is about to happen. After several rounds of probing the key levels, I found that the bulls always lacked sustained follow-through each time, so I chose to keep observing rather than chase the move.

Later, a spike up followed by a pullback directly broke the rhythm. Sell pressure noticeably increased. The short position moved from 2.0071 to 1.4242. Although there were some wick-ups in between, overall it failed to regain and hold above the level. In the end, this realization was reflected as a +1398.59% result, proving that waiting isn’t a waste of time.

The mistake I used to make most often was that whenever the market moved, I’d feel itchy to act—afraid of missing out and catching a falling knife. This time, I didn’t panic because of the rebound, and I also didn’t get off the trade randomly in weakness. After the sell-off truly started, I became even more convinced by the short thesis—not because it dropped and then I turned bearish, but because the problems at the high end had never been solved.

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