Bitconnect Coin Technical Analysis for 07/17/2017 – Hitting a Ceiling

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Bitconnect Coin has been able to stay afloat against bitcoin and it seems to be hitting a ceiling on its climb. Price is currently up 18.50% thanks to bitcoin’s sharp slide over the weekend.

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.

On the monthly time frame, it can be seen that price is still on a climb and is rebounding back to the long-term ceiling at 0.025.

Zooming in to the daily time frame shows that price could still be in a shallow channel pattern and is currently bouncing off the ceiling. Further declines could take it below the lows near 0.023 and a move below this level could mean that a downtrend is gaining traction.

On the weekly chart, it can also be seen that Bitconnect Coin might be having trouble breaking past the resistance at 0.025. A return in bearish pressure could take it all the way down to

Read more ... source: LiveBitcoinNews

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