The strategy certainly works but only on quality coins and not dead or weak coins. Although I do not understand why people sell cheap and at a loss, let's just accept that fact and take advantage of discounted quality coins.
Everyone is afraid of big losses in a bear market, therefore, with negative market fluctuations, the majority of few experienced investors rush to sell the coins in order to repurchase them at a lower point, but do not always have time to do it.