Bitcoin Market Overview

The market tries to move below the support zone formed by 4000.00 support level and SMA50. MACD confirms downward movement. DMI shows trend markets conditions and confirms downward movement too. If the market does not bounce from this support zone within several days, probably we'll see falling to SMA100. But for this the market will have to break 0.382, 0.5 and 0.618 Fib levels. If the market reaches SMA100, it will be good place for buying. You can look at the previous correction on the chart. The market dropped from 3000.00 level and bounced from SMA100. After that we had a huge upward movement to 5000.00 level. The correction which we have now also can be realized in the same way.