EOSUSD Medium-term Trend: Ranging
Supply zones: $15.00, $16.00, $17.00
Demand zones: $9.00, $8.00, $7.00
EOS is ranging in the medium-term outlook. The bears gradually lost momentum as they failed to push the cryptocurrency down to $9.00, but managed to get it to $9.90, in the demand area. The bullish momentum at this demand area resulted in an upward movement that took the price to $11.65, in the supply area.
This is the upper band of the Bollinger bands. Further upward price movement was rejected, which allowed the bears to push the price down. The stochastic oscillator is at 67 percent and its signals point down, which implies downward momentum, possibly due to bearish pressure. The cryptocurrency is now trading between $11.65 within the upper supply area and $10.47 within the lower demand area.
EOSUSD Short-term Trend: Ranging
The cryptocurrency is ranging in the medium-term outlook. A bullish run was sustained in yesterday’s analysis and this pushed the price to $11.65 in the supply area. The pair now entered a consolidation period after its bullish move.
EOS is trading between the upper supply are at $11.41 and $10.60 in lower demand area. Adopting a good scalping strategy may be considered. Alternatively, patiently wait for a breakout to the upside or a breakdown to the downside before taking a position.
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