Bitconnect Coin Technical Analysis for 10/09/2017 – Bears in Control

Bitconnect Coin recently broke below a descending triangle formation against bitcoin to signal that further losses are in the cards. The chart pattern is around 0.1000 tall so the resulting selloff could be of the same size, taking Bitconnect Coin down to the record lows near 0.0500.

Stochastic is already indicating oversold conditions, though, so sellers might need to take a break soon. If so, a pullback to the broken triangle support could happen. RSI is still heading south, which means that bearish momentum is still in play.

Against the dollar, Bitconnect Coin is trading inside a descending channel pattern, also indicative that a selloff is underway. Price is hovering around the channel resistance so there’s plenty of room to head south.

Also, the 100 SMA is below the longer-term 200 SMA on this chart so the path of least resistance is to the downside. In other words, the selloff is more likely to continue than to reverse. Price could aim for the channel support around 100.00 next.

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.

Stochastic is pointing down, also indicating that sellers are on top of their game at the moment. RSI is close to oversold levels but is also pointing lower to reflect the presence of selling pressure.

The dollar is currently supported by hopes of tax reform and a Fed rate hike before the end of the year. The jobs report disappointed for September but traders appear hopeful for a positive revision and have put more focus on the stronger than expected average hourly earnings read.

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