DISCLAIMER: I am not a financial advisor. All contents on this blog are solely my own personal views and for Cryptocurrency Trading education/entertainment purposes only. Cryptocurrency Trading is very risky. Losses can exceed deposits. Enter with discretion.
Welcome to another episode of my personalized XRPUSD technical analysis for August 22, 2020. I consider this as a personal diary of my own trading. I find trading now as part of my daily life. So I am aiming my best to improve every day. All my analysis will be based solely on the current time of screenshot with my trading view chart.
As of today, my July 16, 2020 entry at 0.19-cent level is now enjoying a total net profit of 38.11% compared with yesterday’s 42.84%. So I am DOWN today by a hefty 4.73%! I still consider my current portfolio to be in a profitable position even though the XRPUSD is hammered down in the last 4 days of trading.
Chart was screenshot at 9:56PM Philippine time. Courtesy of Tradingview.com
The small green flag you see in my chart is the entry point of my long position. :-)
Until I decided to make a stop, I will raise the white flag. So stay tuned!
XRPUSD Key Stats:
Intraday Open – 0.27913
Intraday High – 0.28268
Intraday Low – 0.27343
Intraday Current (based on my screenshot) – 0.27983
50-Day moving average is still in UPTREND signal
200-Day moving average remained steady
I can see new resistance on 0.30-0.31 cents levels
New supports will be on 0.23-0.25 if bears will prevail in the upcoming days
XRPUSD is trading tightly where bulls are in control despite a very low trading volume at 31.17 Million. On the side note, BTCUSD and ETHUSD are recovering at 0.49% and 0.69% respectively.
Meanwhile, Binance top 10 cryptocurrencies stats for today with LINK coins the only one in green.
Image Courtesy of Binance.com images
The bulls have this in the time of my writing but it is just a mere grip. I will speculate strongly that bears will win when the trading day comes to a close.
IS IT TIME TO SET SELL LIMIT ORDER?
This is a crucial question that I want to answer myself. I really want to do it because I have a jaw-dropping 4.73% loss on my portfolio until I came across a news today.
Read this news here:
Renowned On-Chain Analyst Cautions BTC And ETH Traders While He Sees A Possible XRP Liftoff
As reference. You may read my yesterday’s report here:
Daily XRPUSD Technical Analysis – August 21, 2020
If you know how to read charts, you won’t lose the battle of trading. The charts are our friend. Listen to them. They are screaming loud and clear. We just need to listen.
Of course do fundamental news research too.
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!
