Bitcoin extends losses below $8,000 on Friday. The following Bitcoin price prediction October 18 update looks at the short-term technical overview based on the Elliott wave theory.
October 18, 2019 | AtoZ Markets – BTC bearish run continues on Friday ahead of the weekend. After dropping to $8,000 on Thursday, the bulls attempted a recovery. However, the bullish momentum was very weak. Bitcoin price has now continued downwards on Friday and hit $7,850 in the process. At this rate, BTC will hit a fresh low in October. At the time of writing, the flagship cryptocurrency is priced at $8,015. It’s just a matter of time before it breaks below the $7,750 support level. It now seems sellers will continue the sell-off until the price is dragged below $7,000.
Meanwhile, Bitcoin is not alone in the recent fall. The Altcoins have also recorded minor losses in the last 24 hours. The current market capitalization stands at $216.5 billion with Bitcoin having 66.2% of the market share according to Coinmarketcap. Below $7,750 support level are $7,400-7,500 and $5,400-5,500 support zones. To the upside, the nearest resistance level is $8,800. The $9,100-9,300 resistance zone looks like the transition zone between the bulls and the bears. If the price breaks rapidly above this zone, the bulls will have another chance to recover toward the $19,800 all-time high.
Bitcoin price prediction: what to expect next
The double zigzag corrective pattern from $13,900 is still in motion. In the previous updates, we expected the Bitcoin price to further decline toward $5,300-5,500 zone. This zone contains strong Fibonacci confluence laying alongside the base of the support line of the channel. In the last update, we used the chart below.
From $8,800, we started a bearish impulse wave of the wave (c) of the double zigzag pattern from $13,900. Wave i should touch below $7,750 support level where wave (a) ended. The change has been little since the last update.
The new chart above shows the Bitcoin price prediction October 18 update. Wave i is about to complete its 3rd wave. There is still room for more decline. The 5th sub-wave should cross below $7,750 support level. Meanwhile, the bulls will not allow all these to be completely alluring for the bears. Wave ii pushback could cross above $8,000 again wave iii slides below to make a new low – either at $7,200-7,400 zone or $5,400-5,500 zone.