📉 BTC and alts rip higher. Is bottom in?

BTC and altcoins ripped higher today.

It’s a combination of oversold conditions and extreme fear, and a massive short squeeze ($323 million in liquidations).

After weeks of extreme fear and relentless selling, over $323 million in leveraged short positions were liquidated in just 24 hours. When short sellers get forced to buy back their positions to cover losses, it creates a feedback loop that accelerates prices upward fast — that's the core engine behind today's move.

Is the bottom in?

For now, it’s just a bounce in a Downtrend. But there are some signs of improvements (Higher Lows). Uptrend is characterized by price making Higher Lows and Higher Highs.

Most assets are still in a Downtrend across Short- Medium- and Long-term trends, based on altFINS’ trend ratings. (see trends here)

Only a few assets are in an Uptrend (see here).

We’ll be monitoring to see if Short-term trends reverse to Uptrend. Here’s a tutorial on how to find assets with a bullish Short-term trend reversal (see here). You can set alerts for that signal.

Bitcoin (BTC) has been on our hot trade setup list. We would be buyers on pullbacks to $60K support.

It recently pulled back near $60K support and made a Higher Low (didn’t break below $60K).

Now it's back approaching $70K resistance for 3rd time in a month. Needs to break above $70K resistance to make a Higher High. Those would be initial indications of a trend reversal.