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Finding bottoms in any stock,cryptocurrency and commodity is really hard because you never know when the asset you want to long will finally bottom out. I wouldn't just buy off support without a bounce and a consolidation first; otherwise, you are simply putting all your faith in support and run the risk of the stock falling below it. Even with a tight stop you still lose. If you saw a huge offer on the bid on Level 2 and, assuming it was genuine, you could try buying, too, of course. A better practice is to wait for a move up, a consolidation and buy the break with your stop below, simply because you are seeing some strength first before you buy.
Every time you go long though, you are essentially picking a “bottom,” because you think it’s going up from your buy point.
I was down 1.5R on Ford today trying to find the bottom and got it right second time to end the day up 1.5R. In the end the LoD was support, stop underneath, bought on the way up after a little consolidation intraday. Set a target but got out early when I saw the market turning again.
