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.
Can the King Bitcoin’s fresh rally carry the alt-coins including the XRP?
This is the question I have in my mind today after 3 days of ugly trading sell-offs that hit Bitcoin and most of the alt-coins.
Image courtesy of Mciclt.com
Today marks the 44th day of my XRPUSD long positions.
Despite the current bearish trend, I decided to buy my 10th XRPUSD long trade position today. ;-)
Why not? The price has dropped so I find it as a buy opportunity seeing it can rebound to the upside in the coming days. Now that my speculation towards the Jackson Hole Symposium resulted a weaker dollar, and I was a little right!
Read my other article explaining the reason of my buying:
The Jackson Hole Symposium’s Effect on XRP and the rest of the Cryptocurrencies
Current stats of the 3 losing trades plus the fresh one:
7th position losing a total of 183 Pips compared with yesterday’s 170.
8th position losing a total of 129 Pips compared with yesterday’s 116.
9th position losing a total of 122 Pips compared with yesterday’s 109.
The 10th position immediately up by 6 pips since I bought it today. that is the beauty of buy low then hold. ;-)
So my 10 trades are 7 winners and 3 losers. I know they will all be in GREEN soon! Call me crazy but we will see.
Despite the heavy sell-offs in the past 3 days, my portfolio is up 30.50% at the time of writing this analysis.
Chart was screenshot at 8:55PM Philippine time. Courtesy of Tradingview.com
I zoomed in my chart today because I want to focus more on the intraday statistics:
Intraday Open – 0.26463
Intraday High – 0.26993
Intraday Low – 0.26010
Intraday Current (based on my screenshot) – 0.26776
Today’s trading volume is 26.888 Million. Majority of the traders are in buying and shopping! ;-)
50 Day moving average went higher while the 200 DMA went a little lower. This is good because the 50 DMA is moving away from the slower 200 MDA, at all cost they must not meet!
XRPUSD is tightly trading from intraday’s low 0.26010 to high 0.26993 range. The intraday high is just 0.00007 shy in reaching 0.27 while the low is just 0.0101 away to pull back in the 0.25 cent territory! What an action-packed trading indeed!
The King coins BTC and ETH had breathed fresh air. Both gained a little somehow!
The Binance top 10 cryptocurrencies for today are mixed up again but this time the USDT is back on the lineup making a 5-4 lead for the greens. Have you noticed that the green ones just up a little? Why? Because the King coin is just up a little as well. That is why my featured image today shows that the King Bitcoin must carry them all! That would be a tremendously heavy task.
Image Courtesy of Binance.com
Finally, the Bulls ended the Bears’ 3 day winning streak. Overbought-Oversold score is now 26-18 still in favor of the raging Bulls. Good job! :-)
Earlier today I saw a 1% loss on the clients that are in net long but upon my checking at the time of writing this report, it returned to 96%. Nice one!
Image courtesy of Dailyfx.com
You may read my yesterday’s technical analysis here:
Daily XRPUSD Technical Analysis – August 27, 2020
Please read again my disclaimer above! :-)
Have a great day ahead! Stay tuned for more XRPUSD analysis! Thank you! :-)
HAPPY TRADING!
