YCC Crypto Alpha #49
Our latest community alpha & portfolio updates.
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These posts are your gateway to our latest market alpha, top coins to watch, and community updates. They also keep our busy Patrons happy and informed.
This issue covers:
Latest market outlook
Top three altcoins to watch!
YCC portfolio updates
Market tip of the week
Latest market outlook
TLDR: This week, Bitcoin tried to reclaim and hold a price above 100k, but failed. As a result, the price will continue to move sideways until a clear breakout happens.
If you look at the chart below, you can see that Bitcoin appears stuck between 91k which acts as support and 102k which acts as resistance. The price has been bouncing between these two levels for three weeks now.
Until we get a decisive breakout from this range, don’t expect much to happen. On the contrary, the quick drop yesterday from 102k probably liquidated quite a few traders that got excited on seeing Bitcoin above 100k.
A clean breakout above 102k and then a re-test of that level as a key support would restart the bull run that can see Bitcoin move towards 150k which is the next major psychological target.
If the 91k support won’t hold, then the market will likely turn short-term bearish across the board. That could provide an excellent entry for later this year when the bullish momentum is expected to return.
There are three altcoins I am eyeing right now for such an entry. Scroll down.
Top three altcoins to watch!
If you look at the total crypto market cap without BTC or ETH, you can see that the price is consolidating above that key support at 940 billion market cap. As long as that level holds, there is a good chance the altcoin market explodes higher later.
What can be the catalyst?
I am not that bullish on the Trump inauguration due January 20th. That may actually turn into a sell the news event and only continue the current sideways price action.
However, optimism could return for a brief period once Trump is in office and gets going. That could be compounded by the US Fed starting their quantitative easing aka money printer goes brrrr. As new dollars flood the market, Bitcoin and altcoins would rally again towards a top in this cycle.
This scenario is likely in my eyes and would normally take place in the first half of 2025. If so, I have three altcoins I am looking to ride during that next wave up.
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