Well Alpha isn't in Construct Classic and this is really terrible because I can't seem to edit any of my sprites on my project. And even if I open a new project this problem persists...It's like my sprite editor in CC just broke out of nowhere.
Actually Alpha is in Construct Classic, it is different for each drawing tool though:
Fill tool - Alpha is set at the top
Paintbrush, Pencil, Lines - Opacity and Flow control the transparency
Shapes - Alpha 1 and Alpha 2