This tells me the bears are exhausted and ready for hibernation. We've been following a year-long descending with slightly declining , but this may be the turning point. The cyan line represents the trend from the top of the most recent pump to $450 and the dark blue line represents the long-term downtrend line, which we are very close to breaking with resolve.
Full disclosure, I'm long since $315,even though I say $320 is the key resistance, but I really believe this is a good time to go long in either way. It doesn't look likely that we'll get the panic sell I was expecting, but I think it's clear the bulls are gaining a lot of strength and are here to stay.