EOSUSD Price Medium-term Trend: Ranging
Supply zones: $9.00, $10.00, $11.00
Demand zones: $4.00, $3.00, $2.00
EOS is still in a range in its medium-term outlook. $5.32 at the lower demand area of price analysis on 10th of August was nicely broken due to the strong bearish pressure. Momentum down south was further increased resulting in price at $4.82 in the demand area.
The bulls returned and pushed the cryptocurrency up to $5.33 in the supply area before losing momentum. The bearish railroad formation dropped the cryptocurrency down to $4.88 in the demand area.
The opening 4-hour candle at $4.95 was bullish. The stochastic oscillator is in the oversold region at 29% and its signal is pointing up which implies an upward price movement within the range may occur.
EOS is still ranging and trading between $5.66 in the upper supply area and $4.88 in the lower demand area of the range. Traders should try to take a position after a breakout at the upper range or a breakdown at the lower range with the right candle pattern as confirmation.
EOSUSD Price Short-term Trend: Ranging
The cryptocurrency is still in a range in the short-term outlook. After pushing the price down to $4.82 in the demand area, the bears lost momentum. The double bottom formation at the area made the bulls stage a comeback.
The price was up $5.33 in the supply area. The bears returned with an engulfing candle, taking EOS down to $4.90. The 1-hour opening candle was bullish at $4.95 and price was pushed up $5.09 above the 10-day EMA within the range.
The stochastic oscillator is at 49% and its signal is parallel which reflects the consolidation currently ongoing.
EOS is still consolidating and trading between $5.27 in the supply area of the upper price range and $4.85 in the demand area of the lower price range. Traders should be patient and let a breakout occur at the upper supply area to go long or a breakdown at the lower demand area to go short.
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