But still we have to zoom out, this is the first meaningful pump/bounce we had since falling off a cliff from 6k. Markets don't move in straight lines. We still have to make our first higher high on the daily.
Therefore we need to close above 4.4k, until that happens the trend is still bearish. I dont expect us to break 4.4k without first making a higher low in the 3.6k area. If that higher low fails we will see new lows
Absolutely : The most important level is not where this pump goes, but where the next low meets support.
A high above 5k is quite possible, because the drop from 6.4k was steep. Key support should be tested in Jan/Feb. If 3.5k or higher holds, that is positive.
Longer term trend is strongly down, but hopefully that will look more level in a few months.