This is a very dangerous game. The levered shorts are hoping another China crash will come before they are force liquidated and the levered longs are counting on the shorts getting liquidated before the crash. Smart players like TERA are long but not levered, ready to pull the trigger and profit either way and I'm on the sidelines watching and learning.
The swap fees amount to somewhere around 60% annual interest. The pressure is building and is going to blow one way or the other.
The bear market didn't suddenly end because some exchange decided to invest in ATMs. China isn't suddenly irrelevant. A SUSTAINED reversal isn't something that happens this quickly with no big news. If it happens at all it happens slowly as utility value replaces speculative value.
The question every wise investor asks themselves is "Is time my friend or my enemy?" If time is your enemy, chances are you are on the wrong side of the trade.
I'm inclined to agree with you, but there has been unexplained reversals in the past (or rather, you find out the news after the run-up, which seems more likely these days with institutional money). Nice volume today though, gonna be an exciting week it seems.