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Bitcoin (BTC) barely held $27,000 on April 22 as another round of losses left bulls with little firepower.

Giant RSI support retest greets Bitcoin bulls

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD just preserving the $27,000 mark on the day after the Wall Street trading week ended on a sour note.

In contrast to United States equities, which managed to seal modest gains on the day, Bitcoin continued to suffer as analysts warned of a return to nearer $25,000.

With that, BTC/USD was down 10% for the week and 4% in April overall, according to data from monitoring resource Coinglass, amid a dramatic turnaround in fortunes versus much of Q1.

For popular trader Credible Crypto, however, there was still every reason to hope that the long-term uptrend remained intact.

Dogecoin suffered a big blow on April 20, popularly known as “Dogeday” thanks to the failed test launch of SpaceX’s Starship rocket and downturn in the broader crypto market. 

The SpaceX rocket, which featured the Dogecoin mascot on its side, disintegrated four minutes after its launch. Still, the company’s employees including Elon Musk cheered the failure as they expressed optimism for another test in coming months.

The move comes within a fortnight of Musk’s recent stunt when he momentarily changed Twitter’s logo to the Dogecoin mascot.

The launch had built considerable excitement within the Dogecoin community. DogeDesigner, a graphic designer in the Dogecoin community, tweeted about the rocket launch with eagerness.

However, Dogeday appears to have turned into a sell-the-news event as the DOGE/USD pair lost 11.88% of the day’s high of $0.093 to $0.083.

Dogecoin suffered a big blow on April 20, popularly known as “Dogeday” thanks to the failed test launch of SpaceX’s Starship rocket and downturn in the broader crypto market. 

The SpaceX rocket, which featured the Dogecoin mascot on its side, disintegrated four minutes after its launch. Still, the company’s employees including Elon Musk cheered the failure as they expressed optimism for another test in coming months.

The move comes within a fortnight of Musk’s recent stunt when he momentarily changed Twitter’s logo to the Dogecoin mascot.

The launch had built considerable excitement within the Dogecoin community. DogeDesigner, a graphic designer in the Dogecoin community, tweeted about the rocket launch with eagerness.

However, Dogeday appears to have turned into a sell-the-news event as the DOGE/USD pair lost 11.88% of the day’s high of $0.093 to $0.083.

Bitcoin (BTC) and most major cryptocurrencies have pulled back from their recent local highs, signaling profit booking by traders. Is the current pullback a buying opportunity or has the trend turned lower? This is likely to be the question in every trader’s mind.

Bollinger Bands creator John Bollinger said in a recent tweet that Bitcoin had turned down from the upper Bollinger Band and reached the middle bank, near its breakout level. He said it was a “logical place” and advised traders to “pay attention.”

The correction could worry short-term crypto traders but for the long-term investors, who believe that a bottom is in, this could prove to be an opportunity to build their portfolio with cryptocurrencies of their choice. It is generally a good strategy to avoid buying on the way down and wait for the price to stop falling before resuming purchases.

What are the levels that may act as strong support? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin fell and closed below the 20-day exponential moving average ($28,869) on April 19. This was the first close below the 20-day EMA since March 13, indicating weakness.