EOSUSD Price Medium-term Trend: Bearish
Supply zones: $11.00, $12.00, $13.00
Demand zones: $5.00, $4.00, $3.00
EOS continues in the bearish trend in the medium-term outlook. The formation of the bullish spinning top had little impact as price was up $7.40 in the supply area before bears sank the price almost breaking the $7 mark. Price is below the EMAs crossover and the EMAs are fanned apart which implies strength in the context of the trend and in this case the downtrend.
The stochastic oscillator is in the oversold region at 13% and it signal points down which means downward movement in the price of the cryptocurrency.
The bullish railway track formation may result in a pullback to the upside. This may occur at 23.6 or 38.2 fib level. Moreover, the 12-day EMA do serve as resistance to upward price movement, before bears return for further downward jouney.
EOSUSD Price Short-term Trend: Bearish
The daily opening candle was bearish at $7.32 compared to yesterday opening of $7.73. This shows more sellers presence to further push the cryptocurrency price down in the short-term. A further push was rejected as the formation of bearish railway track returned bears.
The stochastic oscillator is in the overbought region at 88% and its signal points down. It reflects the downward momentum in the price of the cryptocurrency.
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