During the down trend its always good to locate the support because that's the level where the price makes a bounce. and yes you're doing right.. If you want to day trade with it i suggest wait until the trend change or wait for break out.. Because at this moment it seems not stable in my personal opinion.
And bitcoin has probably hit the support already or let's wait until Monday and see if there will be another support that it will show. But I think that we have finally hit the support, that's 15% of the dip already that we've got since it has hit the ATH.
It didn't end yet and there's so much more to happen within the weekend for which it could be more of the correction that might come. Because we really can't say if it's the support or not yet.