Ethereum Classic is currently undergoing the end of it's double bottom, indicating a sharp upturn in is incoming. While RSI is testing out its support lines and the MACD is currently falling, this is expected during the end of a double bottom. Using Elliot's correction and impulse wave we can confirm that the first bottom was the beginning of an impulse wave, while the second bottom is illustrating the end of a a current ongoing correction wave. The fibonacci retracement analysis also indicates that both bottoms are in between the 1st (0.382) and 2nd (0.5) possible support zones from the current all-time high.
The analysis illuminates the end of a correction from the all time high, and a highly probable new all-time high starting with the end of the double bottom (which is a current correction from high). The horizontal descending triangle, even though the RSI bottoming and the momentum descending, further supports a sharp upturn will start and eventually pass current highs within the next 12 hours. Conclusion: Go long.
The analysis illuminates the end of a correction from the all time high, and a highly probable new all-time high starting with the end of the double bottom (which is a current correction from high). The horizontal descending triangle, even though the RSI bottoming and the momentum descending, further supports a sharp upturn will start and eventually pass current highs within the next 12 hours. Conclusion: Go long.