EOS Price Analysis - June 4

Azeez Mustapha
  • The bears are in control of both the medium and short-term outlook
  • The price is below the 12 and 50-day EMAs crossover which implies bearish continuation

Eos, EOSUSD, Cryptocompare chart

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 pair broke out of consolidation at the $12.70 of the upper supply area of the range over the weekend, as predicted, due to the bulls’ pressure. The $15.50 supply area was tested twice and this resulted in the formation of a double top as the momentum of the bull faded. This is a reversal pattern and the bears made a comeback and kept pushing the price down. $13.76 was the demand area the bears temporarily got the price to. The daily candle opened bearish below 12-day EMA. This implies that the price may further go south due to the bears' presence.

EOSUSD Short-term Trend: Bearish

Eos, EOSUSD, Cryptocompare chart

The medium-term outlook of the pair is bearish. After the pair had a bullish run over the weekend the bulls lost momentum and the bears took control of the market. The price is forming lower highs and lowers lows - which is common with bearish markets. The price is also below the 50-day EMA which is a reflection of bears presence and pressure. The stochastic oscillator#s upward momentum was rejected which implies that the downward price movement will continue as the bears increase their momentum.

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