Bitconnect Coin is treading slightly higher against bitcoin, taking advantage of resurfacing hard fork issues. Reports are indicating that bitcoin cash is gaining more mining power and attracting more investor activity as it could mine new blocks at around 1-2 minutes faster than the original version.
On the short-term time frame, it can be seen that Bitconnect Coin is hitting a near-term ceiling against bitcoin and might be forced to dip back to its range support just slightly above 0.030. A break past the 0.031 level, on the other hand could lead to a move up to the next ceiling around 0.0315.
Zooming out to the weekly view shows that Bitconnect Coin is still in a steady climb versus bitcoin and that it has completed a pullback to an area of interest. Bullish momentum could sustain a move up to the latest highs or create new ones. Volume is also sustained but has been weakening since yesterday.
Lastly, on the monthly view, it can also be seen how the uptrend on Bitconnect Coin versus bitcoin has been in play for the past few weeks. However, if buyers run out of steam, another large dip to the ascending trend line connecting the recent lows could take place.
Volume has also been significantly higher since mid-August as traders are getting wind of bitcoin rivals gaining more traction, forcing this particular cryptocurrency to return some of its earlier gains. Prior to this, only a few exchanges had accepted bitcoin cash so incompatibility risks weren’t a major concern yet.
Looking ahead, continued focus on bitcoin cash could render bitcoin weaker against most of its cryptocurrency rivals as this would complicate the upgrade to SegWit. On the other hand, indications that these issues could be avoided might spur a strong rebound for bitcoin and a downside break of the ongoing Bitconnect Coin trend.
As always, risk sentiment is likely to play a big role in determining how long these cryptocurrency trends might last, with safe-haven demand usually favoring alternative assets like bitcoin and Bitconnect Coin.