On the other hand, I think the DCA method will be more favourable to the smaller investors when the market is bullish
DCA is for all investors, not only small investors. A big example is Microstrategy and El Salvador with their Bitcoin DCA investments recent years and they have been continuing it.
because if a small investor decides to DCA when the market is red, there are obvious possibilities that, it might get liquidated depending on how much has been imputed already.
You don't know difference between purchasing bitcoin in spot market for your DCA, and trading in Leverage or Futures market. No centralized exchange will liquidate your position if you purchase bitcoin in Spot market, I am sure.
~ What session of the market do you think its best to buy when DCA
~ Do you just buy at every market price while DCA?
If you want to find best price to DCA, it is no longer DCA and with newbies it is more challenging. Every investors want to find best entry prices but they fail, and DCA strategy is here to help them purchasing without headache of thinking and finding best prices.
If you are very experienced in this market, you can try to wait for red days to DCA, but with beginners, they won't be able to do this.