Hovering

It is possible to hover over gaps with the Pegasus Boots. To do this, you must hold the A button, release it for only one frame, and then repress the A button on the next frame. You can hold the A button between releasing it, but if you hold it for too long, Link will finish charging a dash and you will fall. If you release the A button for more than one frame Link will fall. During this single frame between A button presses, Link can advance across a gap.

Buffered Method

The possibly easier (yet slower) of the two methods, it uses select to buffer each release/press of the A button. To do this, you must have good timing of canceling the select menu, pressing A, then reopening the select menu.

The exact timing is : press select, press a button to cancel the select menu, wait exactly two frames, press A and press select again. If you wait for only one frame you will be fine to keep going, you will just not advance across the gap, but doing that too many times will start your dash and you will fall.

Unbuffered Method

This method can be quite difficult to pull off, it is one of the hardest tricks in the game. To do this, hold the controller sideways with the buttons facing downward with your left hand. Use your left thumb to move Link. Then use two fingers on your right hand (index and middle are probably easiest) to quickly slide back and forth over the A button. If you use the nails (the complete backside or at a slight angle) of your fingers, it will make sliding over the A button much easier than using the pads of your fingers.

You have to be very accurate with your fingers, as they have to hold the A button each time as they move back and forth. It is key to find a good rhythm and the correct finger spacing for that rhythm to release A for only one frame, while not holding A too long as to start a dash.

Videoof an unbuffered hover.