EOSUSD Price Medium-term Trend: Ranging
Supply zones: $9.00, $10.00, $11.00
Demand zones: $3.00, $2.00, $1.00
EOS returns to a bullish trend in its medium-term outlook. The strong bearish pressure from $5.49 in the supply area ensured the completion of the letter M by dropping EOS at $4.65 in the demand area.
Rejection to further downward price movement is confirmed by wicks and bullish candles earlier today.
The head and shoulder pattern has been formed with the right shoulder developing. It implies a push to $5.17 in the supply area as the bulls possibly stage a comeback. The stochastic oscillator confirms this as it is in the oversold region and it signal points up, which connotes upward momentum in the medium-term outlook.
EOSUSD Price Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The price is in the 38.2 fib ears after a bullish momentum from $4.65 in the demand area.
The stochastic oscillator is at 57% and it signal turns up. This implies upward movement of EOS as the bulls increase their presence in the market in the short-term.
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