EOSUSD Medium-term Trend: Ranging
Supply zones: $12.00, $13.00, $41.00
Demand zones: $6.00, $5.00, $4.00
EOS is ranging in the medium-term outlook. The large bullish engulfing candle brought the bulls back who pushed price back up $8.99 in the supply area. An inverted hammer was formed coupled with a spinning top which is a trend reversal pattern.-
The stochastic oscillator is at 49 percent and its signal points down which implies downward price movement due to bears pressure may likely occur. The cryptocurrency is in consolidation and trading between the supply area of the upper price range and at in the demand area of the lower price range.
Traders should exercise patience in trading the range for either a breakout at the upper price range or breakdown at the lower price range before taking a position..
EOSUSD Short-term Trend: Bullish
The cryptocurrency remains bullish in the short-term outlook. The bears' pressure pushed price down from $8.72 in the supply area to $8.51 in the demand area. This retracement in price of the cryptocurrency is at the 61.8 fib level which is a trend reversal zone. The formation of a hammer which is a reversal candlestick pattern may signal the arrival of the bulls.
The stochastic oscillator is in the oversold region at 19 percent, the signal is not up yet. The more bullish candlesticks are formed above the 10-day EMA the likelihood of a change in trend in the short-term.
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