Welcome to quantatax analysis.
Today 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 mark
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
We believe that once we got down
to the sort of base level where
we were trading at all day a lot
of automatic stopwatch filters
that have been perhaps
protecting some of these profits
kicked in a really 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
crypto currencies and digital
assets like that.
The reason be 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 a 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
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 sliding 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.