Bitconnect Coin Technical Analysis for 07/24/2017 – Ready to Tumble?

Bitconnect Coin gave back some of its recent gains to bitcoin as the latter drew support from the BIP 91 lock-in. Bitcoin could be poised to resume its climb against all its cryptocurrency peers from here, including Bitconnect Coin.

Price hit a ceiling at the 0.0225 area recently as it pulled back to the broken support, which now held as resistance. If this area continues to keep gains in check, price could resume the dip to 0.021 then onto 0.020. Volume is still subdued so the ongoing trends could persist.

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.

However, the easing of hard fork issues for bitcoin now that a step has been taken towards the upgrade to SegWit2x has kept its price afloat and could mean more gains. Bitcoin is already testing its record highs to the dollar and showing a potential continuation pattern that could mean new all-time highs.

BIP 91 has reportedly gained nearly 80% acceptance of miners in the network, which could mean a smooth-sailing grace period. Of course a lot could still happen then since it would last for nearly a year and other issues could pop up. In the meantime, market sentiment could also push cryptocurrencies around in the coming days.

The main event risk in the global financial markets is the FOMC decision. Shifting to a less hawkish stance could mean more gains for bitcoin versus the dollar and this rally could carry over against its other counterparts like Bitconnect Coin.