August Markets Report: Heavy Selling Across Leading Crypto Markets
Looking at the monthly charts, the leading cryptocurrency markets experienced heavy selling during August – with the top five crypto markets falling by between 10% and 35% from the start of the month when measuring against USD.
BTC Produced Tightest Monthly Candle of 2018
August produced the tightest price range of any month during 2018 for the BTC markets, trading within an approximate range of 25% from the month’s opening price of approximately $7,750.
After falling roughly 25% to test support at approximately $5,900 on the 14th of August, the markets then recovered by roughly to 20% to close at approximately $7,000 – roughly 9.7% below August’s opening price.
The red candle for August has continued the monthly trend of alternating red and green candles that has pervaded throughout the entirety of 2018 thus far.
BCH Experiences Heavy Selling During August
Bitcoin Cash also experienced heavy selling pressure during August, trading within a nearly 40% range during the month.
After opening at approximately $780, BCH fell to test resistance at $475 on the 14th of August. The BCH/USD markets then recovered by 15% and consolidated during the later weeks of August before closing at roughly $545 – 30% below the month’s opening price.
When measuring against BTC, BCH fell 23% from August’s opening price of approximately 0.1 BTC to close at approximately 0.007 BTC.
ETH and XRP Witness Heaviest Selling Since March
ETH/USD had its bloodiest month since March, trading within a 42% range during August.
Ethereum opened the month at approximately $431, tested a monthly high of $435.5 on the same day, and then steadily bled out before establishing a monthly and yearly low of approximately $250 on the 14th of August.
Since then, the markets have consolidated throughout the tail end of August, before closing the month at $281.5 – 34.8% lower than August’s opening price.
XRP also saw it largest red monthly candle since March during August, trading within a total range of 46.8%.
After opening August at $0.446, XRP then rallied to $0.464 during the same day, before sliding to establish a yearly low at roughly $0.25 on the 14th of August. XRP made a slight recovery over USD during the rest of August, however, closed the month at $0.335 – 25% lower than August’s opening price.
Topping off an extremely bloody four months for EOS, the EOS/USD markets traded within a 43.5% percent range during August.
After opening the month at $7.4, the price of EOS fell to establish a local low at $4.2 on the 14th of August, before producing a significant recovery that saw the price of EOS gain 52% between the 14th and the 31st of August. EOS closed the month at $6.4 – 13.5% lower than August’s opening price.
Leading Altcoin Markets Post Significant Monthly Losses Against BTC
When measuring against BTC, as with USD, ETH posted its worst performing month since March – with Ethereum losing 28.3% from the month’s opening price of 0.0558 BTC to close August at 2018’s low of 0.04 BTC.
XRP opened the month at of 0.0000564 BTC, before gaining 10.6% in five days to test resistance at 0.00006 BTC.
The markets then fell by nearly 33% to test establish a new low for 2018 at 0.0000418 BTC, before recovering by more than 25% to test resistance at 0.000057 three days later. XRP then slid 16.6% to 0.0000475 BTC – closing the month 15.85% lower than August’s opening price.
The EOS/BTC markets produced a doji candle with a large wick during August, potentially signaling a reversal after several months of heavy selling pressure.
EOS opened the month at 0.00095 BTC, before testing 0.00102 BTC on the 6th of August. EOS then fell by 39% over the course of the following two weeks, before bouncing off 0.00062 BTC on the 22nd of August – the lowest EOS has fallen since March. Since then, EOS gained 47% to close the month at roughly 0.000915 BTC – 3.7% below August’s opening price.
Do you think that August will produce bullish or bearish market action? Tell us why in the comments section below!
Images courtesy of Shutterstock, Tradingview
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