EOSUSD Price Medium-term Trend: Ranging
Supply zones: $11.00, $12.00, $13.00
Demand zones: $5.00, $4.00, $3.00
EOS is in a ranging scenario in the medium-term outlook. The bulls lost momentum at $8.87 in the supply area as the bearish railway track brought the bears back dragging the price down to $8.53 in the demand area.
The bulls returned in the area and managed a push to $8.69 but lost control to the bears after the formation of a bearish doji reversal candlestick pattern.
The price was down to $8.11 in the demand area with a large bearish engulfing candle. This closed below the two EMAs, an indication of the strong bearish pressure. The stochastic oscillator is in the oversold region at 10% with its signal down implying a downward momentum.
EOS is in consolidation and is trading between $8.65 in the supply area of the upper price range and at $7.71 in the demand area of the lower price range. A breakout from the upper price range or a breakdown at the lower price range is imminent so traders should patiently wait for this to happen before taking a position.
EOSUSD Price Short-term Trend: Bearish
The cryptocurrency is back in a bearish trend in the short-term outlook. The bulls lost momentum at $8.81 in the supply area due to an upward price rejection as a clear double top pattern was formed in this area.
The bears pushed the price down to $8.20 in the demand area below the two EMAs crossover before the close of yesterday's market. They continued today and the cryptocurrency was down to $8.18 in the demand area.
As more bearish candles formed and closed below the EMAs crossover, $7.99 may be the bears' target 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.