This now looks great. Price is robustly backtesting the 200DMA which it's broken as part of an inverse H&S set-up. The measured move would take us to new highs around 2000. This would be your entry price - invalidated with daily close below 200DMA
This has formed a large inverse H&S following the completion of a smaller one earlier in the week. Bears might have got sucked into what looked like a H&S top on the hourly but has subsequently failed - zooming out to the longer time frames gives us this structure shown on my chart.
The immediate target for longs here is the neckline / recent high at 1.162. I...
We ant see here that below $11 we entered a weekly demand area and immediately posted a hammer candle. The bottom indicator on this chart is the COT index and commercial traders (red) have been turning bullish over the last few weeks driving this reversal.
The lure of $1240 is keeping bears active and buyers out, but there are already so many indicators favouring a turn / bottom that the r/r is likely to swing to the Bulls sooner than most think.
Any catalyst at all here will create quite a major short squeeze.
This chart is drawn using a log scale & shows a hidden support line with convergence at $4.5k. Failing this the 200 week MA may ultimately kick in at $2.4k.
I personally wouldn't short it but look to buy on the deepest dip possible.