We’re actually looking at intraday price action – a pretty interesting day today so far. We’re actually looking at Lite Coin as we can see here looking through the course of today. Now the reason why we’re we’re pretty excited about this is as we can see through the course of today fairly stable all morning all the way through as we go along.
However, about an hour or so ago something like that, the markets took a significant jump to the upside a lot of buy orders came to the table taken us from around about the sort of 57 marks up to 59 and then 30 shops sell-off. Now the seller’s interesting all it appears to be is a bit of profit-taking straight away.
We believe that once we got down to the sort of base-level where we were trading at an all-day a lot of automatic stopwatch filters that have been perhaps protecting some of these profits kicked in a real drop the market substantially since and we’ve recovered right back up and into the range.
Now, just why we’re talking about this is this is exactly why people want to look at trading cryptocurrencies and digital assets like that.
The reason is the intraday move here is about 8 percent both sides about three and a half-cent jump to the upside for an 8 percent drop in recovery back up. From a professional trading perspective. That’s fantastic. If you catch the upside here, you’re protecting the downside with stop losses which is exactly what’s triggered the market.
You’ve taken a bit of money out hopefully though on that drop when you start seeing a bit of a turnaround, you can buy back in and again you get a better price than you were initially here. You’ve taken a bit of profit on the upside here and then hopefully you’re back in again on the uptick.
So while this isn’t always the case a certain price action here isn’t usual for that particular asset class but it does look really really interesting. So from our perspective, you know the risk here is that the market continues to slide away and you can get caught out even if you buy in and it rolls over on a bit of a wash referred to as a dead cat bounce and drops away again.
That’s a significant risk however because we’ve held this line through the course of today. There is a decent sort of level of stability that therefore a return up to that range is more probable and further sliding away so from our side. Fantastic day.
And really interesting if you do want to look at things in a bit more detail, we’re here at Quantatex to help you out. Thanks a lot.
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