Cryptocurrencies bounced back this week \u2014 that\u2019s great for some crypto penny stocks.\u00a0 But the crypto stocks on my watchlist are moving on their own catalysts \u2014 earnings, promotions, mergers. And an OTC company applied for an IPO on a U.S. exchange. Plus, two tickers return to the watchlist from last week... One could be poised for a short squeeze. And they\u2019ve been some of the biggest spikes and runners we\u2019ve seen in the market lately, so watch it for a potential big move. Here are the top 6 crypto penny stocks I\u2019m watching now... Top Crypto Penny Stocks to Watch First, here are the top OTC crypto stocks I\u2019m watching this week\u2026 And here are a few listed stocks I\u2019m keeping tabs on... Keep in mind that some crypto penny stocks only run when big tokens like BTC make new highs or recover from a big price dip. Note that this list is only a watchlist. These are in no way a recommendation to buy or trade. Always do your own research. And only trade a stock if you have a plan and it fits your setup. Crypto Penny Stock #1: Life Clips, Inc. (OTCPK: LCLP) LCLP is a huge OTC spiker. It returns to the watchlist from last week. It had massive moves on July 14 and 15 after announcing it\u2019s entering the crypto space by acquiring Belfrics Group. It went from sub-penny territory to over 6 cents a share in a few days. On July 22 the company announced it had a meeting with the Tanzanian government to discuss its blockchain solutions. \u201cBelrium, which is Belfrics Group global blockchain technology, is one of the only blockchain to have a stringent financial framework ensuring data security, which is extremely crucial for government authorities.\u201d Read the full press release here. The stock\u2019s consolidating and holding up well, but volume\u2019s fading. I\u2019ll watch LCLP for a dip buy opportunity into a big morning panic. Crypto Penny Stock #2: KYN Capital Group, Inc. (OTCPK: KYNC) KYNC is a holding company for crypto and blockchain payments. Its payment gateway, Koinfold, allows businesses to accept cryptocurrency for online payments. The most recent news on the company is from July 13. The company announced it hired ArtistRelations.com as a consultant to promote Koinfold in the music and entertainment industry. Read the full press release here. The stock had two big green days on July 21 and 22. I won\u2019t chase it. I\u2019ll watch this one for a morning panic dip buy. Crypto Penny Stock #3: Support.com, Inc. (NASDAQ: SPRT) Tech company SPRT will merge with bitcoin miner Greenidge Generation Holdings in the third quarter of this year. It\u2019s another stock returning to the list from last week. And it\u2019s not technically a penny stock anymore. On July 22 the stock broke out over $6. But it has a low float of fewer than 10 million shares, it\u2019s former runner, and it has lots of mentions in the Reddit penny stock chat room. That\u2019s why I\u2019m watching SPRT for a potential short squeeze. Crypto Penny Stock #4: BlackStar Enterprise Group, Inc. (OTCQB: BEGI) BEGI is involved in crypto-related ventures and developing a digital equity trading platform. On July 21 the company announced its BlackStar Digital Trading Platform (BDTP) is complete and in the final phase of quality assurance. Read the full press release here. The stock bounced off the 2-cent level and is trading around 3 cents. I\u2019ll watch for more volume to come in and a breakout over 4 cents for a potentially larger move. Crypto Penny Stock #5: BIGG Digital Assets Inc. (OTCQX: BBKCF) BIGG Digital Assets is a Canadian crypto company. It develops blockchain technology and brokerage and exchange software. The company announced second-quarter financial results on July 20. The stock traded higher after the news and broke out over $1. If it can stay above $1 it could have more potential upside. I\u2019ll watch it for another catalyst to bring in more volume. Crypto Penny Stock #6: Argo Blockchain plc (OTCQX: ARBKF) Argo Blockchain is a cryptocurrency mining company based in London. On July 21 the company announced it filed paperwork with the SEC for a proposed dual listing and IPO offering of American depositary shares (ADS). The company currently trades on the London Stock Exchange. Read the full press release here. The company hasn\u2019t determined a price or number of shares for the proposed offering. It also didn\u2019t name an exchange but previously mentioned it was considering listing on the Nasdaq. The offering could start in the third quarter. On July 22, the company announced it began construction on its renewable energy-focused 200-megawatt (MW) cryptocurrency mining facility in Texas. I\u2019ll watch this one for future press releases about its potential Nasdaq listing and for high volume to come in. See the Stocks I\u2019m Watching I want to help you as much as possible, which is why I offer a NO-COST watchlist. Will you find crypto penny stocks on my list? That depends. I go where the hottest market action is. Subscribe to my weekly watchlist to see what makes the cut. I round up my top watches every week and send them to you. Use these stocks to study the trading patterns, catalysts, and price action. Then build a trading plan of your own. Know that I\u2019m not recommending you to trade the stocks on my watchlist. There\u2019s no guarantee I\u2019ll trade any of these stocks. I\u2019m simply WATCHING them for potential future setups. Never blindly follow alerts or hot picks. Ever. Do your own research. Your goal is to eventually become confident in your own trading plan. Conclusion When you\u2019re looking for hot crypto penny stocks, keep in mind\u2026 These stocks tend to move together on sector momentum. Don\u2019t jump into these stocks before the markets give you a reason. And keep your goals reasonable. Don\u2019t go swinging for the fences. Aim for singles. Watch for major news in the cryptocurrency industry. These stocks probably won\u2019t run without a catalyst. Learn to be patient and wait for your best setups to come to you. That\u2019s what I teach in my Trading Challenge. If you want to become a self-sufficient trader, apply today. What\u2019s your take on crypto penny stocks? I\u2019d love to read about it in the comments! Disclaimers *Please note that reported trading results are not typical. Most traders lose money. It takes years of dedication, hard work, and discipline to learn how to trade. Individual results will vary. Trading is inherently risky. Before making any trades, remember to do your due diligence and never risk more than you can afford to lose.\u00a0 **Tim Sykes has a minority ownership stake in StockstoTrade.com.