Pennywick

BTC - H&S confirmed

BITSTAMP:BTCUSD   比特幣
Higher Low to Lower High to Higher Low pattern confirmed. For perspective only - the wedge target is down 30% from the break in the 25k range. Wedge breaks do not need to hit their full targets. So far we are 11% down on the break (this can be calculated a bunch of ways depending on which wedge version you use) to give a sense of potential. This is not a prediction; instead an attempt at context. For reversal plays a clear bullish pattern with a back test is needed (inverse H&S neckline break or falling wedge.) Risk off is underway in the broader markets, in the short term, yet the Vix failed $17 resistance and has not been supporting a major correction. Monthly equity Opex tomorrow - then a reset.
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