Great post, thank you!

You can't emphasize these points enough:
a) Put your coins on wallets where you own the private keys. Take them out of exchanges and online wallets and transfer them to cold storage wallets, hardware wallets, or paper wallets.
b) Don't make any large transactions before Aug 1 and at least 1 week after it.
c) Don't panic sell, unless you have irrefutable data at hand telling you that the end is coming.

However, I disagree with your reasoning for the current price drop: "This is most probably due to the impending Aug 1 crossroad in BTC's future."
While this has an important impact by making the (new) investors more uncertain, in my interpretation, this is a natural correction. The market has been growing excessively in the recent months and a lot of new investors tried to jump on the train to make some quick and easy money. Realizing that the growth is not continuing to such a degree, a lot of this new money is getting scared and moving out of the market. My primary argument for this is that the bitcoin price has been "somewhat stable", also today only falling 5-8% while most of the other currencies decreased by 10-20-30%.