YCC Crypto Alpha #56
Our latest community alpha & updates.
No time to scroll on X or Discord? I got you covered!
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
Relief rally soon? Top 5 altcoins to watch!
Market tip of the week
Latest market outlook
TLDR: Bitcoin bounced on the 80k support and appears to be holding well above this key level. As long as the uptrend remains intact, the bias remains bullish.
The last weekly candle saw Bitcoin drop almost 15%. However, this week shows more promise with a nice bounce off the key uptrend line which coincides with the support at 80k.
Bitcoin did not make a lower low on the weekly timeframe, as can be seen below. For this reason, the price action remains bullish and shows that Bitcoin can still recover from these most recent losses.
Even if the uptrend is invalidated in the future, there is still strong support at 70k. At the time of this post, it seems sellers lost their appetite and buyers may have an opening in the coming week to push this bounce into a sustained relief rally.
Time for altcoins to shine! Let’s look at that next.
Relief rally soon? Top 5 altcoins to watch!
After a significant drop across the board in early March, sellers are showing exhaustion. The current bounce could easily turn into a relief rally in the coming week. This also provides an opportunity for some quick profits!
The below chart shows that altcoins (excluding ETH) have landed on the $700 billion support. This level is significant and may provide a good foundation from where prices can rally again. The ongoing bounce is a positive first sign!
If we get a nice relief rally in the second half of March, that means you need to take a position around current levels. Luckily for you, I’ve compiled my top 5 altcoins that show promise in the days to come.
Let’s look at that next and keep a close eye on how the markets open this Monday!
To continue, upgrade to Patrons below or reach out to make a crypto donation.