Too Early to Declare a Bullish Reversal

We got a relatively strong rebound from 29600 level which is a sign of relief. At the mid 29K level I mentioned it is better not to initiate any new buy orders but instead monitor for further price drop towards 28k level to confirm the fact current selling season is expected to continue even longer. We did not see the latter, so it is definitely a plus point for the bulls.

As we are still in the general down trend movement, we have to make strategic buys only at certain critical levels to manage our cash level throughout.

Now, we see price make a noticeable jump to 32,500 level which is now at the top of the resistance level I have highlighted. The Bulls (including myself) are still not out of the woods yet. I would seriously like the price to push higher above 33k level to tell me bears are being crushed. When that happens, it will signal me 2 things: first, the selling period will be ending quickly and second, we may not even see price dropping below 20k but still have 26-28k level drop a possibility and be ready for dollar cost average at that level.

So, the bears can still come back at this level which is also a very strategic level for them to initiate new sells. So watch for this to show up. Only at above 33500 level I would lean towards a bullish reversal to be in play.