Cryptocurrency price in August 2018: Market analysis

A lot of different things happened in the cryptocurrency world this summer.

• Cryptocurrency kept stick to the falling tendency;
• The government closed some cryptocurrency exchanges;
• McAfee got angry at HitBTC;

Can’t say what disappoints me most. Well. The government manipulations of course. Luckily I wasn’t the one who made any deposits in the Japanese or Korean or Chinese exchanges.

Yet, one thing didn’t change at all.

The Top-5 leading currencies are still Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS. And it seems to me that will be the same no matter what.

So let’s have a quick run through 7 weeks and find out the way cryptocurrency rates have changed.

Bitcoin price

Back then, on June 23, Bitcoin price broke down and cleared a major support near the $6,000.

BTC price index was 6274,78 USDT back then. Yet, very soon it declined to $5,950.

The very next week price made a small recovery and rose up to $6,600 and even $6,650. Soon the pair declined back to the $6,420 support line.

On July 8 BTC/USD pair managed to break $7,000 but was not able to keep that result and slid down.

Then the bulling market continued with the BTC price dancing around $6,300: from $6,318 up to $6,380. The middle July correction gave us the support near 6,640–6,600 USDT. And that was some kind of a starting point for Bitcoin to grow. It soared up to $7,605 and stayed above 7,000 mark for more than 100 hours. On July 24, Bitcoin price gained a chance and broke a key resistance at $8,000 against the USD. The price remained above this support level till the August 2 when it made a sudden fall to $7,350.

This week Bitcoin started with its price index near $7,260-$7,320. And it was just the beginning. The BTC/USD pair continued to decline further and at the moment have already reached $6,200.

The lowest price index: 6234,99

The highest price index: 7132,11

ETH price

On June 23, ETH price index was 482,57 USDT and it declined further until broke the $440 level before recovering against the USD. By the end of the week the price index reached $415,54. The further decrease was predicted. Eth formed a low support near $404.

And on July 1 the ETH/USD pair moved above the $480 resistant level to gain upside position. In a few days it reached $487 and went down again.

During the second week of July prices permanently went up and down. On July 13 ETH had the lowest mark of $417,37.

The next week started and continued with the price index around $450, until July 18 when ETH surged up slightly above $500. However, it did not stay there for long. The rest of July ETH/USD pair price index hesitated from $450 to $480.

And when August came, the price started to downslide again. In a day 440 heavily declined to 400 and strengthened at this point, not going much higher.

These days ETH is balancing between $350–400.

The lowest price index: 352,25

The highest price index: 412,71

Current exchange rate Ether (ETH) price to Bitcoin (BTC) price is 0,056311

XRP price

Back then, on June 23, XRP price index was 0,5006 USDT. Then it gradually lowered to 0,4248 level within 10 days. And on July 3, the Ripple price eventually jumped higher and broke the $0,4750 and $0,5000. Yet, Ripple price failed to hold that support at 0,4750 and finally declined trading in a bearish zone and moving towards the 0,4500 support.

The mid of July set the price even lower to line 0,4250 until it reached back the 0,4450 and 0,4500 resistances to gain further. It stayed the same height for more than 100 hours. Later Ripple failed to break the next important resistance at $0,4675 and started declining again. A break happened on the hourly chart of the XRP/USD pair very soon at the $0,4620 mark. It caused some time for the trading below 0,4600 support.

The beginning of August was not much brighter for this pair. Ripple price hit the bottom of $0,4270 against USD again. Little support was found at 0,4300 until the pair bounced back to the $0,4420 resistant level. However, it didn’t stay the same for long. At the end of this week, a short-term bearish trend of XRP/USD recovered from $0,3300 level to $0,3350.

Ripple price extended losses below the $0,2900 and $0,2800 support levels. The worst prediction from specialists was $0,2600.

The lowest price index: 0,2885

The highest price index: 0,4359

Current exchange rate Ripple (XRP) price to Bitcoin (BTC) price is 0,00005390

BCH price

The last published analysis performed on June 23 when the BCH price index was 778,54778 USDT. Then, during the week, the price started to decline to $650 against the USD. The pair was likely to extend losses towards the $630 level in the near term but likely the Bitcoin cash price managed to move back in a downtrend below $700.

The July started with two bearish trend lines with resistance at $770 and $810 of the BCH/USD pair. Finally the price settled above the 800 resistance zone to wait for an upside momentum. On July 4 the Bitcoin cash formed a new monthly high at $829. Later on the down sliding began. During July 12–15 BCH showed us a sharp downward move and the lowest price index of $680-$650. The next day BCH managed to recover and stabilize at least above $700. However, it didn’t last for a long time either.

Bitcoin cash continued to surge higher attempting to reach 800 as soon as possible. On July 18 the BCH price index was $850. Almost every trader that time hoped that Bitcoin cash would test 900 but it didn’t. The maximum level was 875.

Then started a little roller coaster of price sliding down to 750 and rising up to 850. It all finished on August 5 when the BCH price froze at 710 mark and continued to decline to 540.

The lowest price index: 547,23503

The highest price index: 715,98145

Current exchange rate Bitcoin Cash (BCH) price to Bitcoin (BTC) price is 0,090129

EOS price

And finally EOS. Got not much to say about it as the EOS/USD pair stays almost the same. During these 2 months there were no significant changes. Except for the steady and small down sliding movement.

Last time, on June 23, the EOS price index was 8,74897 USDT. A bit later price moved up to $10 and then lost ‘one point’ staying $9 for a long period of time.

Visible changes happened on July 12 when EOS fans were recommended to stop trading at $8 with bear targets at $4. Within a week EOS remained the top performer gaining 6% and moving higher from $7 to the next support line. According to the predictions, traders should have waited for breaks at $9 and watch targets at $15. On July 19 the EOS price dipped to $9 again and stayed there for a few days.

The beginning of August was also painful as EOS was supposed to found support at a lower range at $7. Later on the price target was set as low as $4 but finally recovered up to $7,5. That was not for a long period of time, yet, the support line is still there at $7.

The lowest price index: 4,85933

The highest price index: 7,13086

Current exchange rate EOS (EOS) to Bitcoin price is 0,000792