Bitconnect Coin Technical Analysis for 08/30/2017 – Waiting for an Upside Breakout

Bitconnect Coin is up 7.80% against bitcoin even as the latter is attempting to create new highs against the dollar. Demand for cryptocurrencies has picked up due to risk-off flows stemming from North Korea’s nuclear launch this week, dragging traders away from riskier assets like stocks and commodities.

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.

Bitconnect has a substantially high daily trading volume of $9.2 million, which is significantly higher than that of other rival cryptocurrencies. BitConnect Coin is currently the 12th largest cryptocurrency in the market and its liquidity could rise along with bitcoin from here.

On its short-term time frame, it can be seen that Bitconnect Coin is trying to edge higher, albeit at a slow pace. Price is still hovering close to the 0.028 key resistance level but has formed higher lows recently to indicate that bulls are trying harder to go for an upside break.

Zooming out to the daily chart shows that there’s still a lot of consolidation going on but that volume has been stronger in the past few days. To top it off, investor interest has been sustained more recently so there’s a strong chance that a breakout could materialize and this cryptocurrency could find better direction.

Looking much further back shows that Bitcoinnect Coin has yet to test the next resistance at the 0.030 level, which might prove to be a tougher psychological barrier. A break past that mark, however, could draw more buyers to the mix and spark new record highs for Bitconnect Coin. If the resistance keeps holding, buyers might have no choice but to book profits and allow for a dip to the nearby support levels again.

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