Last week was quite an up and down kind of week with a strong downward momentum for the first two days followed by a strong downward momentum towards the end of the week. We saw a 'textbook' bounce off the bottom of the upward channel that it has been trading in for the past couple of months.
In the shorter term, we can see a reversal in trend happening at the moment. The price has been in a downward trend since mid November last year, but it seems to in the process of reversing into an uptrend.
There have been 3 consecutive lower lows in the downtrend until the last price wave, where the price broke through the downward trendline and went back to test it as support. This caused the price to reach a low that is higher than the previous low. Since the bounce off the trendline, there has been great momentum upwards which is a great sign for a trend reversal. If it retraces and forms another higher low, the upward trend will be confirmed.