Currently BTC is forming a "Bear Flag" with price at $6,270. I expect BTC to finish the possibly as high as the $6400 Resistance range before breaking down around June 30/July 1 and bouncing off the old diagonal downtrend for the first time since its breakthrough mid April. (diagonals not terribly significant, but confluent none the less)
To address "knife catching" the "buy zone" I have created is built upon the bases of not trying to pick a perfect bottom. There are still "gaps" down to $4475 that could be filled, with HEAVY support starting at around $4875. However during times of capitulation, buyers can become impatient and pull the trigger early, before support is reached, leaving some heavy longs out to dry. I personally would rather take a "safer" approach. The plan is to scale in at the top of my range $5450 with 3 orders, the last being the largest and set at the lowest part of my range $5150.
Best of luck