Bitconnect Coin Technical Analysis for 09/27/2017 – Tight Consolidation

Bitconnect Coin is up slightly against bitcoin even as the latter has also recovered quite a bit against its counterparts. However, a look at the hourly time frame shows that price just broke below a short-term uptrend and is just pulling back up to the broken support.

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.

Volume has been subdued against bitcoin for the past few days as the shutdown of exchanges in China has weighed heavily on volumes and trading activity.

Zooming out to the daily time frame reveals that Bitconnect Coin is still treading sideways, albeit at the upper half of its range. Resistance still seems to be holding, though, and price could still drop to support just slightly above 0.0295.

Volume has ticked higher in the past couple of days but is slowing down once more as traders might be booking profits off their long positions up to the resistance.

Looking much further back shows tight consolidation around the 0.030 mark and could continue stay around this level as volume remains subdued. Until a major catalyst pops up for either bitcoin or Bitconnect Coin itself, this sideways price action could go on for much longer, so buying at dips and selling at tops could be a good short-term strategy to stick with.

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