Bitconnect Coin Technical Analysis for 08/07/2017 – Bulls Keep Trying

Bitconnect Coin continues to rally against bitcoin as the latter has split into two versions earlier this month. Although price remains below the major resistance levels visible on longer-term charts, bulls keep trying to push for an upside break.

On the short-term chart, it can be seen that Bitconnect Coin appears to be forming an ascending channel with its higher lows and higher highs. Price is testing the resistance and could be due for a pullback to support before heading further north.

Zooming out shows that Bitconnect Coin remains in tight consolidation against bitcoin even though it’s up by nearly 3% in the past session. A strong move past the 0.025 barrier could be enough to signal a return in bullish momentum while a break below 0.023 could put it back on track towards tumbling to the long-term lows at 0.016.

Looking further back reveals that the 0.025 level is a very significant ceiling for Bitconnect Coin, which explains the difficulty of attempting an upside break. Unless there’s a strong catalyst to weigh on bitcoin or to boost Bitconnect Coin price itself, the odds are that the ceiling could hold and favor more declines.

Bitconnect Coin reached the Top 20 of altcoins recently. It is an open source, peer-to-peer, community driven decentralized cryptocurrency that allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment.

This means anyone holding BitConnect Coin in their wallet will receive interest on their balance in return for helping maintain security of the network. This altcoin has a market cap of $287,599,260 with a circulating supply of 6,699,432 BCC and an available 28,000,000 BCC. Its 24-hour volume is $2,197,900.

Bitcoin is currently banking on the lack of negative industry updates following the hard fork. Only a few exchanges accept the newer Bitcoin Cash versions so there have been no major incompatibility issues yet. With that, investors are focusing on the fact that the upgrade to SegWit2x is allowing the network to handle more transactions than usual.

Credit to Sara Jenn.