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.

Suspicions Surrounding BitBay's 18-Hour Outage Grows

Michael LaVere
  • Estonia-based crypto exchange BitBay went offline for 18 hours citing network problems.
  • Users became concerned the platform had suffered a security breach, despite multiple updates. 

Users of Estonia-based exchange BitBay became suspicious of a security breach following the platform going offline for more than 18 hours. 

On Mar. 26, BitBay published a tweet explaining it was dealing with a network problem related to its external service provider. Clients were asked to remain patient during the outage as the exchange worked to resolve the issue. 

Users were quick to respond to the outage, with some speculating the exchange had suffered a security breach or was in danger of folding. 

BitBay published an update four hours later, telling users the problem was “more complicated than we initially thought.” The exchange also floated the idea of launching the platform without access to transactions, giving users the opportunity to cancel previous offers. 

BitBay responded to the growing concern of customers by broadcasting a live stream via Facebook. The exchange wrote in the comments “all fiat and crypto funds are safe.”

At 2:56 AM UTC on Mar. 27 the exchange finally reported being back online, with trades resuming later in the morning. 

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