changing Tilt and Trim fluid

I hit my motor on the concrete the other day backing it in the water. It started collasping and drifting down when just sitting there. I checked the fluid and it seemed good and i checked the release valve and it was tight. I drained all of the fluid so i could replace it. I raised the motor and locked it up. Filled to the bottom of the threads,put the cap in and now it will not raise the motor on its own. i tried raising it by hand a few times (helping the t&t) and the took the cap off to add fluid and it blew air out and the fluid had air bubbles in it(it was a pink color instead of red). So i added fluid and did the same thing and still nothing. I did this about 5 times and it still will not lift the motor on its own. Am i doing something wrong or does anyone have any ideas what i can do.

thanks for any help