Bitcoin BTC price back to $7900; pattern shows further dip imminent

The king of cryptocurrency Bitcoin BTC is nothing but volatile and has been bashed for it time and again. Bitcoin BTC price has taken another plunge. BTC price is down to the seventy-nine hundred dollars ($7900) after rising back above the eight thousand dollars ($8000) mark.

At the time of writing Bitcoin BTC price stands at seventy-nine hundred and seventy-one dollars ($7971) mark. Earlier the price as far down as to seventy-eight hundred and forty dollars ($7840).

Bitcoin price had been trading well at the start of the day, however, Bitcoin looked shaky.

bitcoin price chart 1 - 18 october 2019Bitcoin BTC price chart by Trading View

Bitcoin BTC price to trading volume movement

Bitcoin remains the number one cryptocurrency by sheer market dominance while the trading volume fluctuates and there is a correlation with the Bitcoin BTC price movement.

On the 15th of October, trading volume stood at over fifteen billion dollars ($15.22B). while on the 16th despite an increase in the volume, to over sixteen billion dollars ($16B) couldn’t keep the price stable and the low point below eight thousand dollars was hit. Today the cryptocurrency has a trading volume of over fifteen billion dollars ($15.2B)

bitcoin btc price and trading volume

Bitcoin BTC price prediction: BTC price to drop

Bitcoin BTC price is headed into another head and shoulder pattern. As predicted earlier, the Bitcoin price usually tends to drop after a head and shoulder pattern. It is visible on the chart that the last drop was also a result of the same pattern.

Bitcoin BTC price prediction 18 october 2019Bitcoin BTC price chart by Trading View

Bitcoin is headed straight into the same formation one after another. Now, actually at the end of the formation that started on the 16th of October and has finally played out completely. BTC price is likely to drop down to the seventy-eight hundred to seventy-two hundred dollars ($7800 – $7200) range.

At the time of writing, support lies at seven thousand nine hundred and twenty-eight dollars ($7928) while the next resistance is at seven thousand nine hundred and sixty-eight dollars ($7968).