omababa
Long

ETHBTC short term gain

BITFINEX:ETHBTC   Ethereum / Bitcoin
ATM the RSI on the daily is showing oversold conditions. The RSI on the 4 hour chart isn't quite as low as i'd like it to be for a buy but once the RSI on the 4 hour will hit 12 it is. I think the RSI on the 4 hour will hit 12 once Ethereum nears it's major support level . Ethereum has major support around the 0.0570 - 0.0585 BTC price. As well as the fibonacci retracement correlating with the major support. I think we'll see a 10% gain from the support level before continuing the downtrend. I'm placing my stoploss around 0.055 in case we break the support level and immediatly continue down.
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