So the route out of this Impluse Wave has been complex and I'm sure there are more twist and turns to come, however I now believe we are in an impulse wave(5) to potentially $29K+ of course this is not advice!
Whether it be an " Ascending Channel" ~ leading diagonal, ugly double bottom or bear flag ~ this must be one of the hardest patterns to try and predict its path! What is interesting is the fact if bitcoin stays above the daily 21EMA then we can safely say it is a bullish scenario....the thin blue line curving...
Looks like bitcoin maybe rejecting the "Ugly Bottom Pattern" in favour of an Expanding Leading Diagonal Elliott Wave?
Targets based on Fibonacci favoured levels i.e. 1.168% for target 3!
It is my idea we continue to target with this flag and possibly put in another one as the DXY continues to show weakness, of course the opposite applies should that reverse!
Whether it be a Symmetrical Triangle, Busted Ascending Channel or larger macro bottoming formation, Bitcoin is still proving difficult to read!
So far as the the Pi Cycle goes it is interesting but needs more time to see its value as it could be the result of "Curve Fitting" as described in the link below and perfectly explained by Alessio Rastani.