Bitconnect Coin Technical Analysis for 07/05/2017 – Rising Wedge Pattern

Bitconnect Coin is still in tight consolidation, moving inside a rising wedge pattern with its higher lows. This signals that bulls are trying to push for more gains but that sellers are similarly strong. Volume has been weak likely due to the Fourth of July holiday in the US.

However it’s also worth noting that bitcoin has recovered significantly lately owing to bullish remarks from Goldman Sachs analyst Sheba Jafari. He mentioned that bitcoin is on its fifth wave of gains and might be poised to make new highs against the dollar soon, thereby driving strong demand for this particular cryptocurrency.

 

Traders continue to hold out for the next big market catalyst in cryptocurrencies but there has been movement in other markets like bitcoin and ethereum. An upside breakout for Bitconnect Coin could signal that more gains are underway while a downside break below the 0.0205 area could confirm that a longer-term drop is due.

Geopolitical risk could drive demand for cryptocurrencies but Bitconnect Coin is on weaker footing compared to bitcoin, which enjoys stronger market interest and liquidity. Unless there are any reports that are positive solely for Bitconnect Coin, it would have a tough time extending its climb against bitcoin given the recent market environment.

Similarly, negative reports focused on bitcoin could allow alternative digital assets like Bitconnect Coin to reassert their advantage. 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.