YCC Crypto Alpha #02
Our latest community alpha & portfolio updates.
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These posts are your gateway to the latest market alpha, top coins to watch and our community updates. It also keeps our busy Patrons happy and informed.
This issue covers:
Duo’s current market outlook
Top three altcoins to watch this week
YCC portfolio latest trades & updates
Community news & market tip of the week
Market Outlook
TLDR: The daily timeframe shows a correction has started and buy opportunities could materialize soon. Bias remains bullish on weekly and above.
The market got excited once Bitcoin moved above the 36k resistance, but this was short-lived. The breakout failed to hold above this level and the price is now found below it. This supports the case for a correction.
The daily timeframe shows a clear bearish bias with the MACD having completed a bearish cross. Daily volume also fell as the price moved higher which was an early sell signal (bearish divergence). Where next from here?
The strongest support on this chart is found at 32k which could present an excellent entry. I already covered this possibility in my previous update. The range between 35k and 32k may be a good area to accumulate or DCA. Lastly, any bearish bias is invalidated if BTC moves above 37.5k.
Top Three Altcoins This Week
Altcoins continue to perform well and this correction on Bitcoin has pushed some into a short pull-back. This may be the opportunity you were waiting for before the next leg up. Here are my top three altcoins to consider this week.