EOS Price Analysis – July 3

Azeez Mustapha
  • The bulls seems to have returned in the medium and short-term outlook
  • Bullish candle formations are a good confirmation for a trend reversal at the 50 and 61.8 fib level.

Ethereum, ETHUSD, Cryptocurrencies, chartEOS Chart by TradingView

EOSUSD Medium-term Trend: Bullish

Supply zones: $7.00, $9.00, $11.00

Demand zones: $6.00, $5.00, $4.00

EOS is bullish in the medium-term outlook. The bulls were able to break out from yesterday's range to push the from $7.92 in the demand area to $9.18 in the supply area. 

The minor flag created was due to the bears' pressure as the price was down to $8.89. They lost momentum as the bulls returned to push the price to a fresh high of $9.44 in the supply area. 

The formation of bearish harami and a reversal candle pattern set the bears back to the market. They succeeded in pushing the price down to $8.79 in the demand area. 

The Fibonacci tool helps to determine the retracement level and possible bullish return. The price is at the 23.1 level. If the trend will continue from this level, some bullish momentum may be seen - resulting in a bullish candle formation.

The bearish pressure may continue pushing the price downward, traders may, therefore, look to buy at 50.0 or 61.0 fib level. These are strong trend reversal levels but bullish candles must be formed as confirmation.

The stochastic oscillator is at 65 percent. Its signals point down, which justifes the downward momentum in price movement of the cryptocurrency due to the bears' pressure. The medium-term outlook favours the bulls.

EOSUSD Short-term Trend: Bullish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The cryptocurrency is bullish in the medium-term outlook. The bullish momentum at the opening of market pushed the price to $9.44 in the supply area before the bears set in. The price has  been pushed down to $8.76 in the demand area.

The Fibonacci shows that the price is at the 38.1 level and as the bears' pressure increases, traders could place a pending order-  a buy stop at the 50 or 61.8 level -  which are  good trend reversal levels.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.