EOSUSD Medium-term Trend: Bearish
Supply zones: $16.00, $17.00, $18.00
Demand zones: $11.00, $10.00, $0.9000
EOS is bearish in the medium-term outlook. The bears had a massive momentum and strong pressure over the weekend and this took EOS on a great ride to the south breaking major demand zones. The structure to the left of last week range as analyzed really played out well. Resistance to upward moves can be seen at the 10-day EMA.
Daily candle open bearish below the 10-day EMA which is a sign that more sellers are in the market than buyers. The break and retest of $11.00 at the demand is a sign of trend continuation. The Stochastic Oscillator is in the oversold area and was always rejected for upward momentum. $9.00 may likely be the bears’ target in the medium-term
EOSUSD Short-term Trend: Ranging
The cryptocurrency is consolidating in the medium-term outlook. The strong bearish movement took price to the $10.00 demand area. Here the struggle for price control between the bulls and the bears continues as the Bollinger band contrast. EOS is trading between the upper supply area at $11.5 and lower demand area at $10.00. In this scenario, traders should be patient and wait for a breakout or a breakdown before taking a position.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research
