DISCLAIMER: I am not a financial advisor. All contents on this blog are solely my own personal views and for Cryptocurrency Trading education purposes only. Cryptocurrency Trading is very risky. Losses can exceed deposits. Enter with discretion.
Before I go on my XRPUSD Technical Analysis for today, I would like to let you know, my dear readers, that I am still a newbie Crypto Trader. I am still on my first month with XRPUSD trade. Please bear with me for all the inconveniences I might cause on this analysis. Please also feel free to write and comment or send me an email for any corrections you may find here. Thank you!
I might have lots of grammar issues here so please pardon for English is not my native tongue.
The analysis was written around 6:30-8:00 PM Philippine Time so prices may be different at the time you read this article. I will do the best of my knowledge to explain my analysis here.
Crypto Markets is open 24/7 unlike most of common or traditional stocks that normally closes Friday and open again by Monday. Crypto markets are also highly volatile, please please read my disclaimer above.
So here’s the chart that I personalized in Tradingview.com.
I am an XRPPHP Long Trader. It means that I go for long term trading like I can wait for many, many years for my XRP portfolio to grow. I have already setup my stop sell limits in case things don’t go well with XRPUSD. Although I hedged my Philippine pesos against XRP, I will base my general charts analysis with XRPUSD. Based on my research, it is the standard for most Crypto traders. After all US Dollar is the world’s reserve currency like English is the global language of communication.
I have 6 current XRPPHP long trades and my overall portfolio is up by 47.25%. My entry point was last July 16, 2020 as you can see the long red line. See image below:
Current price at the time of my analysis is sitting at 0.29400 level today’s open was 0.29496 and intraday high reached as high as 0.30100 and immediately pulled back.
From July 16, 2020 up to this date, 2 Doji candles have formed. See image below:
1st Doji candle formation spotted last August 2, 2020 and the 2nd one last August 6, 2020.
For me it is a good sign of XRPUSD price neutrality as I can see same opening prices in the last 2 days.
The overbought-oversold indicators in the month of August are exponentially equal from August 1-13 period with 7-6 in favor of the bulls or overbought.
Closing thoughts:
My prediction in the coming days is that XRPUSD price will consolidate and will be in the 0.28900 to 0.29500 levels.
That’s all for today. Don’t forget to write comments below this article for any corrections, questions or additional info that I might missed.
Have a great day ahead! Stay tuned for more XRPUSD analysis! Thank you!
HAPPY TRADING!
