ChrisZDC

Bullish on ETCUSD, Possible rebounding incoming!!?? Daily Chart

Long
COINBASE:ETCUSD   Ethereum Classic / U.S. Dollar
As we can see on the two channel lines on the chart, ETC is moving inside the channel line(uptrending channel). As we can see, almost every time, the price drops to around EMA 200, it bounces back to a new height. You can refer to the circled spots, where the ETC bounces off the EMA 200. When it bounces off EMA 200, the gain is substantial. This time we are reaching the EMA 200 again, this could be a possible rebound. our EMA 200 has a higher baseline this time, so the rebound could potentially break the previous price rally.

The bears might say, the chinese government is cracking down on the cryptocurrency. Yeah sure, crypto trading has never been legalized in China, the traders use VPN to do their trading. I believe they will continue to do so, unless the chinese government crack down on VPN and block all the internet access to the outside world.