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RE: Match Pool (GUP) Could Tag Higher Highs After a Minor ABC Correction
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.