We see that Bitcoin is currently living inside a downside channel. Creating Lower Highs and Lower Lows.
We are expecting the bitcoin to continue dropping in value, as Stocks and equities continue to soar and institutional money is surely not leaving the stocks market anytime soon.
Let's see how Long-term forecast will play out...
STRONG rejection from $1,600. Huge sell-off is expected to continue during Q1 2020.
On the technical side, there is a clear break of the upside trendline. So might see a quick $20-$30 drop very soon.
P.S. Yes we know what happened with out last analysis, but this is the market, you are never 100% correct. For that, we'd like to leave the following quote:
We are expecting the GOLD (#XAUUSD) to drop from this price, as we are expecting good news from US-China Trade war & more political certainty in the UK.
Great R:R ratio trade (Short position box placed on chart for reference only, NOT TO INDICATE ANY ENTRY, feel free to sell now).
P.S. We are expecting the GOLD to continue marching lower in 2020.