EOSUSD Medium-term Trend: Bearish
Supply zones: $15.00, $16.00, $17.00
Demand zones: $9.00, $8.00, $7.00
EOS still in bearish trend in the medium-term outlook. The bears were formidable as their pressure increased led to the break of the flag that was created yesterday. The critical demand zone at $10.00 was nicely broken and price made a new low at $9.77. The returned and push price up to $10.29 in the supply area. This was at the 10-day EMA and price was rejected for a further upward movement. Daily price opening price was $9.95 compare to yesterday opening of $11.04. This implies the presence of more sellers in the market to further take price down.
The stochastic oscillator is in the oversold region at 21 percent. Its signal points down as it was rejected for upward momentum. It suggests that the downward momentum will be favoured.
EOSUSD Short-term Trend: Ranging
The cryptocurrency continues ranging in the medium-term outlook. The $10.40 lower demand area of yesterday range was broken by the bears. You can see that after it was broken, a retest was made at the same area before the bears came back strong and push price down to $9.60 in demand area. The pair thereafter enters into consolidation. $10.47 is the upper supply area while $9.50 is the lower demand area. Patience is key at this time. Traders should await a breakout from the range to the upside or a breakdown to the downside before taking a position.
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