Greetings everyone

in a review following the crash of May 2021, descending 49.53% in 9 days - according to the measurements of Tradingview. Most cryptos have retraced back some of the losses, as we entered June, but the market is in fear.

In a Glance

• Market capitalization had felled from $2.555 trillion to $1.467 Trillion
• Bitcoin fell from $59500 on May 10th to $30000 on May 19th.
• Ethereum followed from $4213 to $1840 in the same duration.
• Bitcoin dominance has crashed after this, while "alts" have increased
• Fear and Greed indicator hit 10 in extreme fear, back to 23.

Crash of May 2021

The Crypto market has experienced a fallout, that could be compared only with the crash of black Thursday in March 2020, reacting mostly to the various lockdowns, throughout the entire world. 

A total of -49.53% has been recorded from the highest to the lowest price in just 9 days, decreasing the Total Market Capitalization by more than 1 trillion dollars, as every currency has followed the never-ending fall.

Dominance for the bitcoin has been dropped after this, almost by 20 units from a 62% to a brief 39%, retracing back to 47% this month. Etheruem did exactly the opposite and raised from 11% to an impressive 20,53%, while altcoin dominance has also increased to 17.5%, pointing that many dropped Bitcoin for the safety of other coins. With that said, keep in mind that the term "altcoins" includes all the stablecoins, so this is not - in any way - an indicator that Alts are safer from bitcoin.

Triggering the Crash

But what, really, caused all this?

The needed correction, China banning - once again - bitcoin, or Elon?

What was the real reason?

The best answer that I can provide you is all and even more. In a very bullish first half of 2021 with a lot of green candles lit our way, to the historical 1 trillion market capitalization and beyond, with no-purpose coins tripling their price, or more, and the power that social media can give to a single man, there always is a chance for a drop like that.

As, I am sure, that most of you have read a couple - of thousand, maybe - articles and opinions about that, I will not go through it in detail. Elon Musk could be the initial trigger, not the reason. China fud banning bitcoin - which is not, they just want to regulate it- and the very structure of the market itself, causing billions upon billions of liquidations on margin and leverage positions, fear, panic. All these are the reasons behind the crash.

Analysing the Market in June

As we entered the new month we must be cautious. About everything actually. The market seems that has retraced a part of the losses (depending on the coin it's a 30% to 50% retracement), showing some signs of stability. Next days will point out trends more accurate.

In a brief the first signs I see about coins is Matic, my first choice, showing stability and a retracement over 50%, while fundamentally is very strong in its network. Next one, cardano is my second, in a ascenting parallel channel - in 4h chart - and has formed a good double bottom in the daily chart. Seems more stable than others.

Eos is moving sideways, BNB could make a good uptrend move in the next week - but I need some more signals -while Polkadot seems that is in the bottom. this means that it has only upway move but needs to acquire some strengt.

Finaly Bitcoin seems that it accumulate around $35000 but seems powerless, right now, to form a clear way up or down, while the number two coin Ethereum seems to be in better shape and strength.

Last thoughts

No one saw this coming, and everyone caught off guard. Even the best among us.

I heard Max Kiser in an interview saying that the crash was great as it "took bitcoin out of weak hands", and one other (can't remember his name) said "you can lose only if you sell." meaning that value had fallen but will be back, as did on March 2020, and Blue Wizard tweeted - more than once - "Steak to the plan" and he means your plan, what ever that was.

I will be back with - hopefully - better signals as the week goes by, and as always

Stay Crypto/Stay Safe

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