Bitconnect Coin Technical Analysis for 07/03/2017 – Tight Consolidation

Bitconnect Coin continues to tread sideways in tight consolidation, with traders holding out for the next big catalyst. Volume has picked up at the end of June but not enough to spur a breakout in either direction.

With that, Bitconnect Coin could continue to tread sideways against bitcoin for the time being. Bitcoin is also under some downside pressure owing to the lack of positive industry updates but it has been able to recoup some of its recent losses to the dollar.

A downside break from support at 0.020 could mean a longer-term drop to the 0.015 level while an upside break could mean new highs for Bitconnect Coin.

BitConnect Coin reached the Top 20 of altcoins recently. According to its website, bitconnect coin 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.

Cryptocurrencies have been moving mostly sideways in the past few weeks owing to shifting market conditions. For one, the shift to a more optimistic stance by several central banks has renewed the focus on global financial markets, particularly stocks and commodities. This has led some investors to liquidate their cryptocurrency holdings to join in the rallies in other higher-yielding assets.

Apart from that, the summer months could mean lower liquidity in the next few weeks, rendering slower action for cryptocurrencies. Then again, there’s always the chance that a big catalyst could spark a similarly large move and dictate longer-term direction. The market focus could turn to the upcoming RBA statement and the NFP release later on in the week for clues on how risk appetite might fare in the days ahead.

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