Bitconnect Coin appears to be forming an inverse head and shoulders pattern, signaling that a long-term uptrend is underway. Price is currently testing the neckline resistance around 0.025 and a move past this level could mark the return of strong bullish momentum.
Note that the chart pattern spans 0.021 to 0.025 so the resulting move could be of the same size, taking Bitconnect Coin up to 0.029-0.030. Volume is still subdued, though, so investors might be waiting for a breakout catalyst.
So far, the odds are looking better in bitcoin’s favor as the lock-in of BIP 91 marks a step towards the upgrade to SegWit2x. This eased hard fork concerns for this particular cryptocurrency, which means that investors and exchanges don’t need to worry about incompatibility issues as much.
In addition, news that bitcoin and ethereum derivatives could be available soon through LedgerX’s clearing designation from the CFTC could spur stronger demand and volatility for bitcoin versus other cryptocurrencies like Bitconnect Coin.
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.
Traders are keeping close tabs on the upcoming FOMC decision as its impact on bitcoin price to the dollar could carry over to other cryptocurrency pairs. Bitcoin failed to break past the $2950 area to establish new record highs and seems to be under bearish pressure to test the next support areas. If this carries on, Bitconnect Coin could be poised to take advantage.