looks like capitulatory price action on low time frames so we should see a little lowtimeframe bounce or even continuation from this spot, gonna give it the opportunity to play out bc low risk stop at 7200
Sell off seems to be coming to an end but I got a stop under the wick of this most recent dump in case it wants to go a little lower first, but in general zrx looks ready to find a bottom in the 6000's
We seem to have held just above the downtrend line anchored to 20k and 9.9k, we are also currently in a high volume area which tends to see a good amount of consolidation
the first green box will be the target for a pull back while the upper box is the target for a potential reversal
Shoutout to @g_squared_iv who is a fallen knife catcher, this is how we honor...
This is a continuation of the falling knife series - last episode here:
As usual Part 1 is the big picture perspective. As we are get closer to the entry point, we start to look at the smaller time frame to prepare to buy in Part 2.