ETHBTC short term gain
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.