EOSUSD Medium-term Trend: Bullish
Supply zones: $10.00, $11.00, $12.00
Demand zones: $6.00, $5.00, $4.00
EOS remains bullish in the medium-term outlook. The strong bearish pressure push price down to $8.52 in the demand area. This area is the 38.0 fib level which is trend continuation level. This brought the bulls back and the next 4-hour candle that closes was a doji, which is indecision. The next 4-hour was bullish as you can see. The close of this candle above the 10-day EMA will confirm the bulls control of the market.
Currently, the cryptocurrency is up at $8.97 in the supply area due to the bullish pressure. The stochastic oscillator is at 59 percent. Its signals point up, which implies that upward momentum in price movement of the cryptocurrency will be seen due to the bulls’ pressure. The medium-term outlook still favours the bulls.
EOSUSD Short-term Trend: Bullish
The cryptocurrency is bullish in the medium-term outlook. The bearish pressure pushed price down to $8.51 in the demand area. The demand area was the 61.8 fib level.
The formation of a doji followed by a bullish candle confirms the bulls return. Price was pushed to $8.97 in the supply area. Price has made a touch on the upward trendline as you can see and a bounce to the upside may likely occur anytime from now.
The stochastic oscillator is at 48 percent with it signal pointing up. This connotes upward movement in the cryptocurrency price. A retest of $9.44 in the supply area may likely occur as the bullish momentum increases.
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