ETH Oversold, but not Convinced of Trend Reversal Yet

We have a nice wick on the daily signaling a bottom for ETHBTC. It's possible that the bounce has already played out, however after failing to bounce on low volume twice since the top in late September, we finally see some good sized volume and capitulation on the wick (Dec 6). It looks like this is a good opportunity to long at least up to resistance at about 0.014btc.

Another quick drop to test support at above 0.007 with large buys as a response would be a good signal of trend reversal and would definitely warrant stocking up on ETH for a long term hold to new highs.