I did make purchase, I am just following quote, "buy when there is blood on streets". Now, I could be wrong, and market could go further down from here, but this was significant crash and it was too tempting to not make a purchase.
Your strategy look very risky, Bitcoin may dump as many times as possible once the market is occupied with sudden fears, as a result of bad news etc.
As a matter facts, the red candle or dip price may be extensive and become Bearish. However, a long term investors will not mind his dip market entrance, though it is advisable to purchase in batches to enhance your profit at the long run.
Again, taking a buy position once you notice the red candles may be profitable, especially as a day trader with good experiences of the market, and on a short term level.