Update to my September 24th FIL analysis, switched charts from FTX futures to Binance Futures.
I've been waiting on 2 conditions to open a LONG position in FIL on a Daily Chart: #1 RSI reaching 30 or lower and then breaking the trendline #2 MACD Cross Up
RSI is almost at 30, MACD still has ways to go, strongly trending down at the moment. Price is reaching the HTF Trend/Support line from December 29th 2020, and within (more or less) the Channel I've been tracking since September 16th.
My plan is to start Laddering in a LONG position around $48-$45, ONLY if I see MACD heading towards a Cross Up, and RSI breaking above trendline as a bonus. Before opening a position, I'll spend some time watching Level 2.
If I miss the bottom, I do not plan to make DCA more than 4 times, if I REALLY miss the bottom, I might have to break that rule.
People are waiting for over enthusiastic LONGs to open positions, so be careful with Bull Traps.