EOS USD Medium-term Trend: Bearish
Supply levels: $13.0, $12.5, $12.0
Demand levels: $10.0, $10.5, $11.0
Yesterday, the price of EOS fell to the low of $13.05. Presently, the price of EOS is currently range bound between the levels of $15 and $12. The assumption was that if the price broke the support level at $12, a short trade should be initiated. On the other hand, if the support level was held the asset would continue with its range bound movement. EOS is currently trading at $11.25 as at the time of writing.
Today, from the weekly chart, the support level at $12 has been broken like the levels of other cryptocurrencies that were broken. This is an opportunity for traders to place short trades since the level is broken. A stop loss should be placed above the support level at $12. The relative strength index period 14 is level 19 indicates that the market is oversold suggesting bulls will take control of the market.
EOSUSD Short-term Trend: Bearish
On the daily chart, the price of EOS is bearish. The asset was in a range bound movement while at a price of $12.8. It later fell to the low of $11.8, made a pullback and resumed its range bound movement.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
