The bounce came right on time around the 61.8% Fibonacci retracement. However price remains below the first important red trend line resistance. Bulls need to convincingly break above 9k and stay above it. Next very important resistance is at 11k.
Price action here is bullish as price has broken above the wedge pattern and is making higher highs. The February low is the most important support level for bulls. As long as price is above it, bulls will be in control and a new up trend might be starting. Break below it and bulls are doomed.
Price has bounced convincingly from my target area of $627, however the form of the rise does not look impulsive to me so far. The $566 is the most important level for bulls. They do not want to see this broken. As long as price holds above it, bulls could see prices move higher.
Price remains inside the long-term downward sloping channel. Bulls need a break above $180-185. As long as price is inside the channel there will still be danger for a move back to $100 or lower.
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