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This is a healthy rally.
Price pushing higher with...
- OI interest pushing but with negative funding(shorts apeing as we move higher)
- Spot volume driving the rally
This is what happens at the bottoming areas.
Everyone is so bearish, feels so bearish and has gotten used to down only that they short every pump expecting it to just drop again.
And what is perceived as very negative news almost always marks the bottom, because traders cant understand how prices could go higher when everything is apparently so bad.
I'm not saying we wont test lower again, we have our key levels set.
But the longer this goes on the less likely we move lower again.