Bitconnect Coin Technical Analysis for 08/02/2017 – Advancing Versus Bitcoin

Bitconnect Coin has taken advantage of the weakness in bitcoin as the latter has split in a hard fork to two separate versions. This could keep investors wary of potential incompatibilities with their bitcoin holdings and transactions as only a few exchanges support the newer clone version.

In any case, the network is still able to handle more transactions than before thanks to the upgrade to SegWit2x but any larger issues that might emerge from the schism could lead investors to put their money elsewhere.

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.

On the short-term time frame, it can be seen that BCCOIN has channeled lower against bitcoin even after popping higher late on August 1. This could be indicative of a bit of profit-taking and hesitation, but a break past the 0.022 level could confirm that buying interest is advancing. Volume is also ticking higher to reflect stronger market interest.

Zooming out to the longer-term time frame reveals that Bitconnect Coin is enjoying stronger volatility lately as it has drawn the attention of investors looking for a bitcoin alternative. Price might also find a ceiling at the 0.024 area of interest before heading further north.

 

However, if resistance holds and bitcoin still proves to be the more stable cryptocurrency among the bunch, the Bitconnect Coin drop could resume back to the lows at 0.016 or lower. Looking ahead, traders are likely to be paying close attention to network acceptance any signs of glitches with the bitcoin hard fork to see if they should move out to other cryptocurrency holdings.