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

2022.08.20 06:46

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

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.

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