Bitconnect Coin Technical Analysis for 07/19/2017 – Strong Ceiling!
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Bitconnect Coin is still stalling at the long-term resistance against bitcoin and this is proving to be a very strong ceiling. If it continues to keep gains in check, traders might have no choice but to push price back down to draw more interest. Fears about the hard fork and speculations that the bubble is bursting has contributed to bitcoin’s slide across the board, and other cryptocurrencies like Bitconnect Coin have been able to take advantage.
Still, it’s worth noting that bulls are trying harder so Bitconnect Coin has formed higher lows. Zooming in to the shorter-term time frames shows an ascending triangle pattern that might be due for a breakout soon.
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.
Its counterpart bitcoin is enjoying some bullish moves recently as some miners are reporting progress in addressing hard fork issues. At the same time, this particular cryptocurrency is enjoying risk-off flows from investors seeking higher returns outside of stocks and commodities. Looking ahead, changes in market sentiment could continue to influence digital currencies, with bitcoin poised to take the most part of the gains assuming there are no negative industry updates.
However, it’s also worth noting that Bitconnect Coin has recently surpassed ethereum performance, which means that it is climbing the ranks of popular cryptocurrencies that could enjoy strong inflows away from traditional financial markets or other cryptocurrency rivals. It has also reached an all-time high recently so there’s significant investor interest.
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God Bless