Price analysis 8/19: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

cointelegraph.com:

Bitcoin (BTC) and most major altcoins witnessed a sharp sell-off on Aug. 19, but there does not seem to be a specific trigger for the sudden drop. The sharp fall resulted in liquidations of more than $551 million in the past 24 hours, according to data from Coinglass.

Barring a V-shaped bottom, other formations generally take time to complete as buyers and sellers try to gain the upper hand. This tends to cause several random volatile moves that may be an opportunity for short-term traders, but long-term investors should avoid getting sucked into the noise.

Glassnode data shows that investors who purchased Bitcoin in 2017 or earlier are just doing that by holding their positions. The percentage of Bitcoin supply dormant for at least five years hit a new all-time high of 24.351% on Aug. 18, suggesting that holders are not willing to sell in panic or for minor gains.

Could Bitcoin and most altcoins challenge their June lows or will the bulls buy the current dip? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin’s major trend is down but the bulls are attempting to form a bottom. The price has been rising inside an ascending channel for the past few days. The failure of the bulls to push the price above the resistance line of the channel may have tempted short-term traders to book profits. That has pulled the price below the moving averages.

The BTC/USDT pair decline to the support line of the channel and when the price trades inside an ascending channel, traders usually attempt to buy the dips to the support line and sell near the resistance line.

Therefore, the likelihood of a bounce off the support line is high. If that happens, the buyers will try to push the pair above the moving averages. A break