YCC Crypto Alpha #60
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
My top five altcoins this week!
Market tip of the week
Latest market outlook
TLDR: Bitcoin just made a higher high today. This shows promise, but the price has to move above 90k to get confident buyers are back.
While altcoins continue to be in a bear market, Bitcoin’s dominance is making new highs. Today, its price also broke above 88k which made a higher high compared to March.
If this bullish momentum is sustained, then Bitcoin has a high chance to reclaim its uptrend that was lost back in March (see the chart). This would likely bring back optimism and see Bitcoin move beyond 90k in a short amount of time.
Nevertheless, until the uptrend is re-confirmed as support it is too early to call it. But I expect we will get that clarity in the days to come based on this price action. Right now, I lean bullish on BTC, but be cautious here.
On the altcoin front, things are not that rosy. Let’s dive into that next.
My top five altcoins this week!
Everyone wants the altcoin market to pump and make a quick profit. However, the market signaled the exact opposite for years now. Just look at the below chart showing the Bitcoin dominance. It’s been a non-stop pump, much like gold lately.
What the above chart shows is that simply holding Bitcoin in the past three years was the better bet from a risk/reward perspective. Holding any altcoin in this market placed you at a disadvantage, unless you were lucky to bet on the few winners.
I already covered some of those winning strategies in this previous alpha post. Make sure you read that. Having said that, it’s time to look at my top five altcoins this week.
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