EOSUSD Medium-term Trend: Ranging
Supply zones: $12.00, $13.00, $41.00
Demand zones: $6.00, $5.00, $4.00
EOS is ranging in the medium-term outlook. The bears’ pressure was strong breaking the demand areas of the lower price range of yesterday analysis at $8.34. It was the third touch on this area with two large engulfing bearish candles pushing price to $7.32 in the demand area.
The cryptocurrency is consolidating, EOS is trading between $8.344 in supply area of the upper range and at $7.35 in the demand area of the lower range
The Fibonacci retracement gives the current pullback at 78.6 level which is also a reversal zone. It connotes that in the medium term, we may see a push to the upper supply area of the price range.
EOSUSD Short-term Trend: Bullish
The cryptocurrency is bullish in the short-term outlook. The bears’ pressure seems weak as the formation of a hammer, a reversal candlestick pattern brought back the bull. The market correction may be over and the uptrend continuation resumes.
The stochastic oscillator is in the oversold region at 17 percent, the signal is not up yet. The more bullish candlesticks are formed above the 10-day EMA the likelihood of a change in trend in the short-term.
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