I haven't used the Bitfinex shorts graph to time my positions, but with short levels at highs and prices at relative lows, it seems like the perfect setup for a short squeeze, which will of course cause a seismic move in price. I am, therefore, going to be biased to (attempt, may not catch it of course) trade consolidation breakout long.
Frankly, if we do get another big break up, this might be the end of the bear market altogether. We will have likely put in a significant higher low.