Ethereum With Selling Pressure; Lurking For Buyers
Ethereum fell about 5.8% against the dollar in the early European trading session, targeting the lows for absorption purposes and the untested POC levels for supportive buyers or potential short covering.
The rate got pressured by the sellers from June's previous distribution and yesterday's swing failure. The first line of support might be the QDVAL while the lower VWAP close level is targeted by sellers, buyers could add to their core positions there. The daily periodicity seems to establish a balanced behavior while targeting the lower bracket.
BTC/USD already fell below the swing low as both are quite correlated currently.
(Click on image to enlarge)
Visit our trading community to read more market insights and to learn the more indepth analysis process with various tools such ...
more
The lack of eager buyers is often the problem, and a major barrier to the buy low/sell high plan for getting rich quick. Worse yet, there is no easy cheap solution. The exception is to buy a huge number of shares and be famous. Then when many folks figure that you must be on to something big, and bid up the price, quickly and quietly sell that huge number of shares. This is known as a pump and dump, not sure how legal it is. But if you have enough money to buy a million shares of whatever, probably the laws do not apply to you, so it is OK.