According to Josh's analysis, the altcoin market is showing signs of bearish continuation. Here are the key points:
❓️ Bitcoin Outlook
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Josh highlights that Bitcoin's price action is concerning for altcoins. He suggests that if Bitcoin breaks below $65,000, it could trigger a stop loss for any leveraged altcoin positions he holds. A drop below $65,000 would indicate a loss of key support levels.
📉 Altcoin Weakness
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Josh notes that altcoins have been slowly bleeding out against Bitcoin, with continuous non-emotional selling pressure. This slow bleed is one of the most bearish signals, as it suggests buyers are still waiting for better prices to step in.
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Ethereum and other major altcoins like Solana, Link, and Synthetix are showing bearish technical patterns. Josh believes these charts look "tragically awful" and are setting up for potential aggressive declines.
🐸 Meme Coin Outlook
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Even the meme coin sector, which was previously hot, has broken down. Josh also cites other sector examples like Near, Render, and Apecoin, which failed to hold their highs and look primed for further downside.
In summary, Josh's analysis paints a bearish picture for altcoins in the near term. He advises caution and patience, suggesting that altcoins may need time to reset before the next bullish move can take shape.
