EOS Price Analysis – July 5

  • The bulls are still in charge of the medium and short-term outlook.
  • Traders should look to buy after bullish candles reversal formation especially at key demand areas.

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

EOSUSD Medium-term Trend: Bullish

Supply zones: $10.00, $11.00, $12.00

Demand zones: $6.00, $5.00, $4.00

EOS continues in a bullish trend in the medium-term outlook. The bulls kept the momentum high just as the bullish candle in yesterday analysis closed above the 10-day EMA. The cryptocurrency was up $9.43 in the supply area. This was a retest of the previous high.

The double formation at this supply area was the bears' opportunity for a return.  Price was pushed down the 23.1 fib area, which is a good trend continuation zone. The upward trend line as you can see serves as a good support for strong bullish momentum as each touch gives a bounce up.

EOSUSD Short-term Trend: Bullish

Eos, EOSUSD, Cryptocompare chartEOS Chart by TradingView

The cryptocurrency is bullish in the medium-term outlook. The $9.40 in the supply area predicted yesterday was retested as the cryptocurrency saw upward movement in price due to the bullish pressure.

Although the bears' pressure pushed price down to $8.80 in the demand area. This was at the 61.8 fib level, a trend reversal zone. The formation of two hammers brought the bulls back that pushed price back up to $9.20 in the supply area. As the bulls increase their momentum we may see a retest of $9.40 in the supply area the second time 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.