the real test imho . . .. . . is to break and hold above previous 5 year long term support @ appx $4.50+/- then continue to move higher from there. Anything less is a tradable bounce likely encouraged / supported by short covering and puts everything that goes on here in the extreme caution category for me.
I would rather buy on firm breakout above previous long term support, than stay long and wait around for shorts to hit this again.
Good luck!