Technically speaking now, we have a GAP lower opening. That's usually considered very bearish. But, don't panic. There are two things two consider here now.
1. The market will have a tendency at some point (the sooner the better) to mount a rally back to fill that GAP ($0.0030 to $0.0033). That will not likely be the start of a continued bull market because the market correction is just getting under way. But, it will be an opportunity to still take profits at a higher price.
2. The other tendency is for the market to continue to fall and to test support at the 200 day MA (currently at $0.0016). The 200 day MA is dynamic so a sooner than later rally to the GAP will cause the 200 day MA to move higher more quickly. Both of these tendencies are likely to fulfill themselves before the next move up or down can be determined.
A moving average is not always a firm place for a market to support. Face it, it's a moving target. So, it should be noted that there is market support at $0.002/$0.0019 and also at $0.0015 With the 200 day MA in between both right now, firm support could come either higher or lower than the actual 200 day average.
You also need to be aware that there is a nice line of previous market resistance which should now prove to be support at $0.0008. Yes, that is three zeros. IF the downward market momentum should continue to increase, then that level could be achieved if only briefly. It's difficult to predict where investors will begin to view this market as severely oversold so all of those possibilities need to be considered.
If the market should drop sharply here over the next few days, then providing it finds support at the 200 day MA and begins to move back up, then (since today is a full moon) the possibility still exists that a trend continuation rally could begin here (within a few days of the full moon) that would find only temporary resistance at the GAP and after a brief correction would establish a new leg up and confirm a bull market.
