Josh, a cryptocurrency analyst, shares his thoughts on altcoins in this video, discussing what to love and what to hate about them. He begins by noting that the overall altcoin market hasn't changed much recently, with only slight strength appearing around the edges.
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Josh emphasizes that altcoins should outperform Bitcoin when it's up, but many aren't doing so. He points out that there's been continued weakness in altcoins versus Bitcoin for years, with no clear signs of strength in the broader altcoin market.
Despite this overall weakness, Josh identifies a few altcoins that he finds interesting. He mentions AAVE as one that fits his criteria, showing a bullish trend and making higher highs. He also notes that Polygon (MATIC) and Fantom (FTM) have seen significant gains recently.
However, Josh cautions against investing in altcoins that have been in a prolonged downtrend or sideways movement. He uses examples from traditional markets, like PayPal and Zoom, to illustrate what charts he likes to see before considering an investment.
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He prefers assets that have consolidated for a long time and are showing signs of breaking out.
For most altcoins, Josh believes it's not yet time to invest. He advises waiting for clear signs of strength and momentum before entering positions. He suggests using technical indicators like the Ichimoku Cloud to help identify when an altcoin might be ready for a bullish move.
In conclusion, while Josh sees potential in some specific altcoins, he generally remains cautious about the broader altcoin market. He recommends patience and waiting for clear signs of strength before investing in most altcoins.
