MARKET UPDATE
At the beginning of the month, we witnessed a significant drop in the value of several coins, with some experiencing declines of 10-20%, despite their strong performance in the previous month. This raises the question of whether this market movement is due to the actions of large investors, commonly known as "whales," or if it signifies the end of a short-term bullish trend.
In recent years, October has traditionally been a favorable month for the cryptocurrency market, but November hasn't consistently followed the same positive trend. The only exception has been during halving years over the last five years, which have seen gains. In contrast, the years 2018, 2019, 2021, and 2022 have generally been bearish. This historical pattern indicates a potential for a market downturn this month, possibly occurring in the third or fourth week.
As of today, Bitcoin maintains its position at $34,000, which is a positive sign. Many of the coins that experienced a drop were those that had seen substantial inflation in their prices. This correction may be intended to liquidate futures traders with high leverage, including those using up to 5x leverage. It's crucial to exercise caution when opening trades with high leverage in the current market.
Looking ahead, December and January have not historically been favorable months for the cryptocurrency market based on the data from the past decade. It's advisable to closely monitor assets like #TRB , which is currently priced at $112 and showing signs of bullish momentum, possibly moving towards its all-time high. Strong assets like Solana, Matic, and Ethereum have been resilient and are holding their value. For #solana a, it's essential to observe its rising channel, and if it breaks $40 , consider a long position.
Bitcoin's price could also experience an upward movement to reach $40,000 in the coming 1-2 weeks, followed by a potential decline.
In light of these market conditions, it's crucial to exercise caution when considering high-leverage trades.
