True, but it looks to me like we've broken a very important downtrend. Here's the daily going back to the ATH in March last year. I haven't drawn in a trendline from the 2 previous tops, but from eyeballing it, it's clear that's been broken:
For a change in trend to happen, we need to break the trendline, but also (in a new bullish trend) to make a higher low and a higher high. Zooming in to more recent history, that's exactly what's happened:
Bottom line, I can understand why traders are getting excited here.