Price pulled back to test Support 1. Higher time frames concerns me because of capitulation candlestick formation.
However on lower time-frames price looks more bullish, at least in the short-term. Due to potential (albeit weak) reversal candlestick formations.
Longs still maxed out, and shorts have not stepped in. Typically we don't see price crash until the shorts start piling on, so the fact that shorts aren't picking up on this dip is quite bullish to me.
If Support 1 holds, look for a re-test of the descending channel resistance and potentially a breakout trade to target 1 of 58.00
Otherwise, next aera of support upon capitulation is 51.