Bitconnect Coin Technical Analysis for 07/10/2017 – Uptrend Pullback

Bitconnect Coin is still on an uptrend against bitcoin on its longer-term time frames and is currently pulling back from its rise. If the correction is over, Bitconnect Coin could gain enough bullish momentum to break past the recent highs at 0.024.

Volume has been subdued so far this month, save for the large spike at the start of July. This means that consolidation could carry on for a while until the next big market catalyst comes up.

A larger correction to the area of interest around 0.021 to 0.022 could take place if bulls are hesitant to return. Stronger selling pressure might lead to a downside break of the former 0.021 resistance and a test of the next floor around 0.019.

Bitcoin has enjoyed some upside across the board late last week when Goldman Sachs analyst Sheba Jafari spoke of more potential gains for the cryptocurrency. He mentioned that bitcoin is in its fifth wave of gains that might take it up to new highs around $3615.

Apart from technical factors, though, there’s very little supporting the idea of more gains for bitcoin against its cyrptocurrency rivals these days. 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.

Connecting the lows of Bitconnect Coin since June 13 reveals that price is also moving above a rising trend line support. If this breaks, however, bears could regain the upper hand and push for more gains in bitcoin instead. It might take a significant market catalyst to make this happen and sustain the move, though, so market watchers continue to stay on the lookout.