There's good news and bad news here. Good news first. There's still a good possibility that the leg down from $9,177 is corrective. The potential C/III wave is shallow, making a III wave unlikely unless we see a real selloff soon. That means the $7,240 low could still have been the start of a corrective wave up to new highs > $11,800 (bull trap).
The selloff was brutal, and obviously the above scenario was invalidated. There's not much point generating any more bullish hypotheticals right now. Not until bulls show some signs of life. They look completely battered. The coins I didn't hedge....feeling the pain right now!
We need to take out the $9,177 high to breath life back into this chart... not sure how likely that is right now.