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.
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.
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.
