Finally, the cryptocurrency markets have started to show the initial signs that this period of recent consolidation may have come to a close. With August upon us, I felt it was time to update my last predictions so here are my price predictions for the top 5 crypto projects for August.

Bitcoin

Bitcoin has seen a well-received price bump over the past 24 hours of trading which has seen the price for the cryptocurrency rise back above $10,000 once again. The support at the $9,428 level had supported the market very well which had allowed the rebound back above $10,000 to occur.

Bitcoin currently holds a market cap value of $179.50 billion.

Looking at the daily chart above, since my last analysis, we can see that Bitcoin had dropped from the $11,000 level and continued to fall until finding support at the downside 1.272 Fibonacci Extension level priced at $9,428. Once Bitcoin had reached this level of support, the bulls turned the thrusters on which allowed the climb back toward $10,000.

The bulls are now preparing to make a push higher as they attempt to regain control of the market momentum. If the RSI can continue to break above the 50 level we can expect the momentum to shift into the favour of the bulls which should see Bitcoin climb further higher from $10,000.

If this is the case, we can expect immediate higher resistance for Bitcoin at the $10,315 and $10,500 levels. Above this, further higher resistance can then be located at $11,000, $11,500 and $11,821. If the bullish pressure continues to push the market above the resistance at $12,000 we can then expect more resistance to be located at $12,173, $12,500, $12,701 and $13,000.

Alternatively, if the bulls fail to gain control of the market momentum and prices fall back beneath $10,000, we can expect immediate support to be located at $9,679 and then at $9,428. Beneath this, we can expect further support to be located at $9,019, $8,773 and $8,324.

The way things are looking at the start of the month, it seems that we may regain some of the recent losses during August.

Ethereum

Ethereum has seen a small 2.75% price increase over the past 24 hours which has allowed the price for the coin to reach $216. Despite this small price increase, Ethereum has struggled greatly during July after losing a total of 24%. Ethereum remains ranked in the second position as it presently holds a $23 billion market cap value.

Looking at the chart above, we can see that Ethereum has continued to consolidate in a coil-like structure of the past few days. The market is currently trapped in a range between $233 and $199 and has not been able to break away from this range since mid-July.

Until this range is resolved, it is unclear whether Ethereum will be bullish or bearish during August. However, if BTC does go on a tear, then more likely than not we will see some gains within Ethereum.

Looking ahead, if the bulls can start to gain some control over the market, we can expect immediate resistance above to be located at the 200 day EMA (around $222). This is then followed with higher resistance at the $233 which is further bolstered by the 100 day EMA. The market will require significant momentum to be able to break above this level of resistance. Above this, we can expect higher resistance to be located at $240, $256, $282 and $300.

Alternatively, if the market heads toward the other direction and breaks through the lower boundary of the range at $199, we can expect further support toward the downside to be located at $190 and $178 (support provided by the short term .886 Fibonacci Retracement level) Beneath this, further support can be found at $162, $150 and $145.

If Ethereum can break above the upper boundary of the range at some point in August, it will be no suprise if we see ETHUSD climb much higher toward $300 by the end of the month.

XRP

After dropping by a total of 21% over the past 30 days, XRP has started to show a period of calm as prices enter into a symmetrical triangle formation. This could be considered as a worrisome time for XRP holders as symmetrical triangles traditionally resolve themselves in the direction of the previous trend. However, a large bull run from BTC and an increase in the XRPBTC market would certainly allow XRP to climb above the current short term triangle.

XRP is ranked in the 3rd position as it presently holds a $13.64 billion market cap value.

Looking at the chart above we can clearly see the triangle starting to take form with price action already approaching the apex. As this is a very short term triangle, price action could easily pass through the apex (at which point the triangle would become invalidated), however, we can still use the triangle as a gauge to see which direction the market may head toward.

If the bulls turn up the pressure and push the market above the upper boundary of the triangle we can expect immediate higher resistance above to be located at $0.3363. Above this, the next levels of resistance are located at $0.35 $0.36 and $0.37. The resistance between $0.36 and $0.37 is further strengthed by both the 100 day EMA and 200 day EMA which hover in this area.

Alternatively, if the sellers step back in we can expect initial support to be located at the lower boundary of the symmetrical triangle around the $0.31 level. Beneath this, further support can be found at $0.30 - which has proven to be very strong during the entire trading year.

If the sellers do step into the market during August and push the market lower, we can expect the support at $0.30 to continue to help prevent the market from dipping too much further beneath.

Litecoin

Litecoin has been one of the strongest performers over the past 24 hours which has seen the price increase by a total of 8%. This has now allowed Litecoin to reach the $98.15 level as the cryptocurrency attempts to make a test at $100 once again.

Litecoin is ranked as the 4th cryptocurrency with a market cap value of $6.17 billion. There is a Litecoin block halving that will take place during early August which will see the inflation for the coin reduce by 50% as the mining reward halves from 25 LTC per block to 12.5 LTC per block.

Since our previous analysis, we can see that Litecoin had fallen lower but had managed to find support at our .786 Fibonacci Retracement level around $87.95. This level of support was further bolstered by the 200 day EMA which was trading at the same level.

Litecoin has now rebounded from this level of support as it has started to make its way toward the $100 level again. The RSI has also recently managed to break above the 50 level which is a promising sign for the bulls as it shows that they are in charge of the market momentum

If the buying continues, we can expect significant resistance to be located at $100. This resistance is provided by both the 100 day EMA and the previous .618 Fibonacci Retracement level. If the bulls can climb above $100, we can expect higher resistance to be located at $108.50, $116.98, $130 and $137.

Alternatively, if the sellers step back in and push LTC lower, support can be found at $90, $87.95, $90.76, $73.27 and $67.71.

Litecoin has started the month on a bullish note which is likely to continue until the block halving, at which point, we could potentially see a large drop lower.

Bitcoin Cash

Bitcoin Cash has remained resilient as it still occupies the 5th ranked position in the market cap rankings with a value of $5.81 billion. The cryptocurrency has increased by 8% over the past 7 days alone as it reaches the upper boundary of a consolidation pattern.

Looking at the chart above we can clearly see the triangle formation that has formed. BCH has attempted to break above but still has yet to succeed.

IF the bulls can push BCHUSD above the triangle we can expect higher resistance at $330. This is followed with more resistance between $340-$346 which is resistance provided by the 100 day and 200 day EMAs. Above this, higher resistance then lies at $359, $377 and $400. If the bulls can continue above $400, further resistance lies at $425, $450, $486 and $500.

However, if the sellers push the market beneath the triangle, we can expect support to be located at the .786 and .886 Fibonacci Retracement levels priced at $287 and $262, respectively. Beneath this, further support lies at $250, $228, $206 and $200.

Where will Bitcoin Cash be at the end of the month? TBH I don’t really care, but for those that do if it can break above the triangle and above the resistance at the 100/200 day EMAs there is a chance for BCH to re-test the $400 level at some point during August.



Adios!