A friend asked me: $ZEC has had 5 consecutive down days. Could it be near the bottom?
I said: Consecutive down days only tell us that selling pressure outweighed buying pressure over the past 5 days; they don't tell us what the next day will bring. It's down 27.12% over the past 5 days, and currently up 1.24% today. Whether to trade depends on his own position and plan.
He said: That's basically saying nothing. I said: Right, because I really don't know. What kind of confirmation would you need before making a move?
I said: Consecutive down days only tell us that selling pressure outweighed buying pressure over the past 5 days; they don't tell us what the next day will bring. It's down 27.12% over the past 5 days, and currently up 1.24% today. Whether to trade depends on his own position and plan.
He said: That's basically saying nothing. I said: Right, because I really don't know. What kind of confirmation would you need before making a move?