Ascending wedge drop target dropped to the exact length of wedge
Updated
Just wanted to show you all how the purple ascending wedge once it was broken out of dipped the exact height and angle of the wedge...so a very reliable pattern. Also wanted to note that we now have 2 4 hour candles that have closed below this head and shoulder neckline with the bulls desperately trying to lift it back up above the neckline...so far on the 1 day chart though we have yet to close below the neckline...I wouldn't consider it a definite breakout until I see 2 1 day back to abck candles close below the neckline...but with 2 closing below it on the 4 hour its definitely not a good sign. Hoping for a false breakout because if it is a valid breakout you can see by the red dotted trendline that it would take us all the way down to the red fib retracement level....which would be lower than both the grey ascending trendline which has acted as extremely strong support multiple times since last July and would take us even further down than the bottom we hit in February. So if you see today's 1 day candle close under the neckline be prepared to play the short game waiting on 1 more 1 day candle for confirmation. If the bulls can find a way to get the 1 day to close above the neckline...then there's still a slight chance for a ltitle more downside possibly finding good support at the ascending grey trendline or if it breaks below that at the same price we found februarys bottom at.....Once we find a clear bottom that is likely the time I will go fishing for extreme bargains in the alt coin market, but the way this head and shoulders is looking right now, there's a chance we could dip into the $4,000s before then. I certainly hope not but if so I intend to find a way to allow the dip to make more more btc in the process. You make your own decisions however as this once again is not financial advice. Best of luck.
Note
There's also a good chance here that in the same way the inverted head and shoulder pattern we all thought was going to break upward ended up being a false breakout...that this normal head and shoulders threats to break downward could also be equally just as false of a breakout...best to be safe here...I've seen other analysis showing harmonic patterns, and descending wedges that suggest we may be very close to the bottom here...which could also be very true. Best not to go short here and just wait it out until you see 2 1day chart closes below the neckline, because the last thing you would want to do is sell right before it skyrockets up which is what the descending wedge, harmonic pattern, grey ascending trendline, or double bottom, would allow it to do if any of those patterns become valid. Your best bet is to pay close attention to the sentiment of the G20 meeting on cryptocurrencies being held tomorrow(Monday) before making any decisions to further short as well...I have a feeling this headn and shoulder pattern breakout could be just as much of a fake out as the inverted h & s just recently was...so if the news is good from the g20 make sure you are not out of your position.Note
We are now seeing a very nice confident bounce from the bulls getting us back above 7600 if we can sustain above 7500 when we close the 1 day candle 3 hours and 10 minutes from now it would be an excellent sign because that would have us closing above the head and shoulder neckline on the 1day chart thus increasing the probability of a fakeout from the 4hr chart on the head and shoulder break. Let's hope it stays above 7500 come that time. Also that will then mean that the descending wedge pattern that we have currently been reaching the conclusion of will be more likely valid which always ends in a breakout upwards...the descending wedge is not shown on this chart but you can see it and some very good harmonic patterns on ron swansons chart here which I'm a follower of and suggest you follow too. 
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Happy to see a very nice bounce all the way back in 7800 range especially since I just bought in a good deal more in the 7300 range. If we can sustain this bullish momentum you should see a huge bullish volume swell and we should hopefully stay well above the neckline of the "dread and shoulders" by the time the 1 hour candle closes....I'm going to personally try to go bargain hunting now on alts such as neo xrp eth omg augur zec and ltc while the getting is good...thislikely could be a breakout of the descending wedge which is essentially the combination of the head and right shoulder of the head and shoulder pattern.
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