YCC Crypto Alpha #59
Our latest community alpha & 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 today!
Market tip of the week
Latest market outlook
TLDR: Bitcoin is about to close a bullish engulfing candle on the weekly chart. Plus, the price remains above 80k and briefly touched 86k today. Promising signals.
The current BTC price action could be interpreted as an early reversal pattern after sellers failed to push and keep the price under 80k. If this bullish weekly candle closes at current levels, buyers will have an advantage in the coming week.
If you check the chart, notice that the price is now touching the trendline from which it broke down earlier. If bulls manage to reclaim it and turn it into support, then this recent drop was a bear trap. We will likely have confirmation next week.
If Bitcoin moves above 86k, then buyers will rush in and a relief rally can be expected. Moreso, such a price action could restart the uptrend to new highs. While it is too early for that, I like what I see right now.
Another signal that the market is heating up can be seen on the altcoin front. Let’s dive into that next.
Top three altcoins today!
To turn bullish, you need to see risk taking across the market and one of the best ways to assess that is to look at how meme tokens are doing.
Luckily, we have our own meme token which pumped by over 100% in the past 24h. This shows the appetite for risk is increasing and may be an early signal that buyers are returning! At the same time, if you happen to have more than 1M RAT, send me a DM on Discord to add you to our Patrons group.
The reason RAT and other meme tokens are pumping is because Solana also appears to have made a local bottom at $100, forming a similar bullish weekly candle like Bitcoin.
If you are also leaning bullish here, then it’s time to take some risks. Let’s dive below into my top three altcoins this week. Make sure you also keep in mind the tips I covered in my last alpha post.
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