EOSUSD Medium-term Trend: Bearish
Supply zones: $11.00, $12.00, $13.00
Demand zones: $5.00, $4.00, $3.00
EOS is in a bearish trend in the medium-term outlook. The bears continued to push down as a result of momentum increase resulting in the break at $8.40 of the lower range of yesterdays analysis.
This break of the lower range was with a large bearish candle resulting in a bearish railway track. Price was down to $8.14 in the demand area with the formation of a hammer signaling a reversal.
The bulls manage a push to $8.50 and retested the broken $8.40 as the next candle was bearish closing below the 12-day EMA. The stochastic oscillator is in the oversold region and at 19 percent and it signals points down implies downward momentum in price movement of the cryptocurrency as the bears continue their dominance.
The bears’ pressure is strong and more bearish candles are likely to open and closed below the two EMAs at the medium-term and price will continue south.
EOSUSD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in the short-term outlook. The stochastic oscillator is in the oversold region at 11 percent and it signals points down. This implies downward momentum in price as the bears’ pressure increases in the short-term.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
