Bitcoin’s price has bounced up to the $30,000 level four times so far in 2023, most recently today, presenting trading opportunities for short sellers each time according to popular crypto trader Doctor Profit.
With over 200,000 followers on Twitter, Doctor Profit has established himself as an influential voice in crypto trading circles. His latest tweets explain how he has profited each time bitcoin reached around $30,000 this year.
Doctor Profit notes that the $30,000 level represents a key resistance zone for bitcoin. This means there is significant selling pressure around this price that pushes the price back down. Selling pressure comes from investors who bought bitcoin at higher prices in 2021 and are looking to exit their positions without a loss when the price reaches their break-even point.
Each time #BTC visited 30k region this year I been begging you to accumulate shorts in this region
— Doctor Profit 🇨🇭 (@DrProfitCrypto) October 20, 2023
BTC touched 30k region, four times this year. We shorted four times and ended up very profitable
This time nothing changed, retails buying right into resistance again
Each time bitcoin touched $30,000 in 2023, Doctor Profit tweeted that he was building up short positions, betting that the price would drop from that level again. A short position profits when the asset price falls. Four times this year, his strategy has paid off, allowing him to close his short positions at a profit as bitcoin fell back below $30,000.
According to Doctor Profit, retail traders repeatedly make the mistake of buying into resistance levels like $30,000, pushing the price up temporarily before more experienced short sellers jump in and force the price back down again. Selling into these temporary breakouts has generated consistent profits for him this year.
Other experienced crypto traders have echoed Doctor Profit’s strategy, noting that $30,000 remains a risky area to buy bitcoin until it can break decisively above this resistance. For short-term traders like Doctor Profit, betting against breakouts into well-established resistance continues to produce regular rewards.
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