Rudy Fares
The crypto market is retracing lower as Bitcoin prices fell below the $30,000 price mark. It seems as if Bitcoin’s breach of its 30K price was a simple fakeout. All altcoins in the crypto market were down with an average loss of 3% in the past 24 hours. In this article, we analyze Bitcoin, Ethereum and Cardano prices as of April 21st, 2023.
Crypto Analysis: What happened to Cryptos today?
Looking at the big picture, most cryptocurrencies lost on average around 8% in the past 2 days. It seems as if the purchasing power in the crypto market reached a halt while most investors as liquidating their profits. In Figure 1 below, we can see how the total crypto cap in USD reached a resistance of around $1.25 trillion, and is since retracing lower to reach the support valuation of $1.13 trillion.
Bitcoin Price Analysis as of April 21st, 2023
Bitcoin prices reached their resistance price of $31,000 and retraced lower. This is usually very normal when prices reach a resistance zone. In our previous article, we predicted prices to retrace as low as $28,000 which was a strong support for Bitcoin prices. Normally, prices should go back up. However, if BTC breaches $28,000 lower, we anticipate lower prices, and Bitcoin to reach around $27,000 next.
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Ethereum Price Analysis as of April 21st, 2023
Ethereum prices also retraced lower after reaching the resistance price area of $2,115. In previous article, we also predicted that ETH would drop towards the area of around $1,900. From there, If Bitcoin manages to retrace higher towards 30K, ETH should follow and also continue on its path towards higher highs.
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Cardano Price Analysis as of April 21st, 2023
Cardano’s technicals already predicted a drop in prices, as prices formed a head and shoulders formation. In figure 4 below, we can clearly see how prices were bound to drop towards the support area delimited between $0.39 and $0.40. From the current price of around $0.45, ADA should retrace higher towards the resistance of $0.43. Failure to do so would send ADA down towards $0.375.
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