Match Pool (GUP) Could Tag Higher Highs After a Minor ABC Correction
SUMMARY
MatchPool (GUP) is probably exceeded most expectations on the depth of the retracement. Regardless, it still remains a correction. The red A and B have been subdivided and shows it to be a flat type. Wave C is a marginal lower low as shown in below chart. The completion of the downward wedge is also apparent as labeled by completed a,b,c,d,e.
The resulting breakout thus far looks impulsive but a larger degree of trend still views as a three wavish pattern. So, what would be ideal is a higher high. However, the corrective minor abc (red) needs to complete and thus far only waves a,b seem done. Wave c is likely to bring prices to at or around wave 4 region.
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That's in depth analysis,waiting for c wave to complete.Hope that should not be huge,always find your post informative,that's why i follow you.But some idiot whenever i comment on your post they flag me.Whatever happens i am always with you sir.Thank's for such useful post.@upvoted
Thank's to @haejin sir for your vote.
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Nice technical analysis. Does it mean that the coin has reach an accumulation stage?
Upvote back
Being that you're evaluating the GUP/BTC pair, could the fact that BTC is in the midst of a strong correction itself explain the extended retracement?
This is the GUP/USD pair for the same interval as your first chart:
And the GUP/USD pair as to your second chart:
There seems to be a stable resistance level around USD $0.47.
BTC has been so volatile during this period. That resistance level measured in USD was 0.00017 BTC 7 months ago. The same resistance level now is 0.00005 BTC.
Is this a factor when you consider the extended retracement?
Same question overhere. First @haejin mentioned a correction on BTC at being in a 5 wave down correction. The post after that stated that Litecoin had reached it's bottom. That was on $ 168,--
Now BTC still is (or is almost at the end) in that correction and Litecoin now is $ 147,--
In my opinion (and because all alts and BTC still are related) when BTC is in a downward correction another coin can never have reached it's bottom.....
It has everything to do with nested complexity. BTC is the high order coin, while fiat currencies continue to be the underlying instrument. I think we should expect that Elliot Wave analysis will sometimes fail to demonstrate the patterns we expect in periods of high volatility when our trading pairs consist of a high market cap coin, and a low market cap one.
They will essentially trade flat relative to each other during a correction. Laddering can still be used here to preserve value against the fundamental fiat currencies. This is where @haejin's philosophy works. It softens the blow in a steep correction.
@haejin $upvote me post steem @joelpaseearon 🙏🙏🙏🙏🙏🙏🙏🙏
Hi @haejin. I'd be lying if I said I understood the post, I'm pretty new to everything crypto related. Nonetheless I can tell there's fact and effort in it. I also wanted to ask if you could upvote my post, one from you would really help. Thanks.