ETH Technical Analysis - I like this bounce!

Hi everyone! ETH/BTC is currently getting a solid bounce. I like this level that we are bouncing from especially since the price has been oversold for so long. For now though, it really depends on what BTC decides to do. Alts have been getting rekt lately, none more than ETH. But I have faith in ETH long term and I think that we might have a bottom in for the long term. Here's the chart I'm looking at:

In my opinion we could definitely go back down and test that red line again especially if the market decides to not cooperate. My entries are all around .063 so I am hoping we get a sustained bounce to .067 or so before I take some profits. I'll be following along closely.