Josh Olszewicz dives deep into the altcoin market, exploring whether a trend reset is truly underway. His insights, while not financial advice, offer a balanced mix of optimism and caution.
Josh starts by discussing recent bullish momentum in the markets. Positive macroeconomic indicators, regulatory clarity, and a stable Bitcoin (BTC) dominance chart have contributed to a renewed sense of excitement. For Josh, the technicals are straightforward: if prices are above the cloud (a key technical indicator), he’s bullish; if below, he’s bearish. Currently, altcoins face resistance as BTC maintains its dominance. Broadly, altcoins haven’t reached a point where they can consistently outperform BTC.
Looking at market trends, Josh notes that while some altcoins are trying to regain bullish momentum, the road ahead isn’t smooth. Ethereum (ETH), for instance, needs to break and hold $4,000 to solidify its trend. He stresses that this is the only chart he truly cares about for ETH this year. Until ETH crosses that threshold, he sees no reason to focus heavily on it or other altcoins.
Josh also examines specific coins like Ripple (XRP) and Dogecoin (DOGE). While their patterns are promising, he questions whether they have the strength to sustain their gains. DOGE, for example, is closer to its all-time high than many think, but its long-term potential remains uncertain.
For those bullish on decentralized finance (DeFi), Josh suggests focusing on a handful of favorites. He emphasizes the importance of picking strong, beaten-down altcoins with solid histories. Coins like Uniswap (UNI) and Chainlink (LINK) show promise, particularly against ETH, but patience is key.
Josh wraps up by advising traders to focus on high-timeframe charts and remain disciplined. While the market is showing signs of recovery, he encourages a cautious approach, reminding viewers that trends take time to develop.
