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Before / After Analysis – Bitcoin – Cryptocurrencies Market Correction, June 1st 2019

On June 1st 2019 we published the analysis:

in which we proposed the following scenario:

Bitcoin finding itself at a significant distance from any support it is hard to believe that the major June thrust should extend higher without an intervening price consolidation. Bitcoin should retreat in the aforementioned price area with $7,000 being the most proximate support level (top yellow arrow).
BTC/USD Monthly Price Chart, June 1st 2019

In June Bitcoin swiftly corrected toward the proposed support level bottoming at $7,432 before resuming its uptrend, the proposed support level perfectly playing its role (blue arrow):

BTC/USD Monthly Price Chart, July 7th 2019

This was probably a unique opportunity to open long BTCUSD positions as we believe that:

Bitcoin is now in the wave (3) of [3], which should be the strongest directional wave overall.

and therefore another test of the $7,000 level may never happen again.

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