EOSUSD Price Medium-term Trend: Ranging
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS continues ranging in the medium-term outlook. The strong bullish momentum took EOS to a high of $5.38 in the supply area before breaking the upper supply area of yesterdays range. The momentum was sustained and price was up at $5.55 before the end of the trading session.
Rejection to upward continuation is seen at the supply area with candles having wicks which are sign of bullish exhaustion. The 4-hour opening candle was a spinning top followed by an inverted bearish candle. EOS returned back into the range due to bear pressure at $5.13 in the demand area.
EOS remains in consolidation and trading between $5.24 in the upper supply area and at $4.68 in the lower demand area. Traders should be patient for either a breakout at the upper supply area or a breakdown at the lower demand before taking a position.
EOSUSD Price Short-term Trend: Bullish
The cryptocurrency is in a bullish trend its short-term outlook. $5.09 at the upper supply area was broken with a large engulfing candle after the third touch. The stochastic oscillator is in the oversold region at 14% and it signal turns up indicating bullish pressure in the short-term.
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