Good evening to all my friends. I hope you all are doing well and enjoying your sunday as well. I am having a fantastic day. Let's talk about crypto market. November has begun, and there seems to be no positivity in the market. The market pumps, then crashes, and for the last 7-8 months, we have been in one of the toughest cycles in crypto history. Looking at Bitcoin on a weekly timeframe, it broke out of its resistance area in the second week of October. After a deep retracement, it liquidated long positions around $65,000. As the market became bearish, Bitcoin shot up to $68,000, liquidating shorts. Recently, Bitcoin has seen a correction of about 7.5%. Despite this correction, Bitcoin is holding its support above $68000, forming a bullish flag. Historically, every time Bitcoin broke its previous market top, it struggled for a few months before a breakout. In 2012, 2017, and 2020, we saw similar patterns.
Currently, we are in a situation where Bitcoin has not yet broken its previous bull market resistance, and many are questioning if we have reached the cycle's peak. Historical data suggests that after breaking resistance, there is often a peak in the RSI, indicating a potential top. The moment Bitcoin breaks this resistance, we might finally see altcoins perform better, as historically, Bitcoin dominance declines when it breaks resistance. Investors are anxious due to the current market conditions, but remember, once Bitcoin breaks this resistance, we may witness a significant rise in altcoins. All eyes are now on bitcoin dominance. Let's see what happens in upcoming weeks. That's it for today. Here's the latest update video of crypto market. Thanks & have a good day!!