EOSUSD Medium-term Trend: Bearish
Supply zones: $15.00, $16.00, $17.00
Demand zones: $9.00, $8.00, $7.00
EOS continues its bearish trend in the medium-term outlook. The bullish pressure could only push price to the supply area at $11.44. Resistance to a further push was seen at this area and this created the double top pattern. This is a reversal signal and indeed the bears came back and drove price down to $10.84 in the demand area and below the 12 and 50-day EMAs crossover.
The pair is creating a flag as you can see. What this implies is that a major sell-off is likely to occur. The stochastic oscillator has left the overbought region and at 70 percent with its signal pointing down. This means downward momentum for EOS price. As more sellers take positions in the market, we may see further downward movement in price of the cryptocurrency. A retest of $10.00 demand zones may occur in the medium-term.
EOSUSD Short-term Trend: Ranging
The cryptocurrency continues consolidating in the medium-term outlook. The demand area at $10.40 was the limit the bears could go take price down. The pair is trading between $11.40 of the upper supply area and $10.40 of the demand area. Traders should be patient and wait for a breakout to the upside or a breakdown to the downside before taking a position.
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